CGG: CGG Announces its 2019 First Quarter Results

World News: . []

 PARIS, France – – (ISIN: FR0013181864), , announced today its 2019 First Quarter unaudited results.

 

            

Solid order intake and increased commercial discussions for international complex offshore projects, especially in EAME and good backlog coverage are positive signals for the rest of the year.

Geoscience performance in Q1 confirmed the positive momentum seen since 2018, driven by OBN and Deep Water Streamer Data.

Prefunding revenue of our multi-client projects reached $42 million this quarter, down from $49 million in the first quarter of 2018, mainly due to lower multi-client capex this quarter, down to $40 million vs. $62 million in Q1 2018.

Prefunding rate was high at 106%.

The 2019 multi-client capex is still expected to be around $250 million / $275 million on very strong activity this summer with the entire CGG fleet dedicated to multi-client projects.

After-sales were $47 million this quarter, up 32% year on year and solid across all regions.

The segment library Net Book Value was $483 million at the end of March 2019, split 90% offshore and 10% onshore.

After minority interests, was $(33.9) million/ €(29.6) million.

After $(7) million paid cost of debt, $(16) million lease repayments, $(25) million 2021 plan and $(53) million free cash flow from discontinued operations, was $44 million compared to $(97) million in Q1 2018.

Group 16 was $1,179 million at the end of March 2019 and was $704 million.

Group 16 was $1,343 million at the end of March 2019 and was $868 million.

Group’samounted to $475 million at the end of March 2019.

An English language analysts’ conference call is scheduled today at 8:30 am (Paris time) – 7:30 am (London time)                          

A replay of the conference will be available via webcast on the CGG website at: .

For analysts, please dial the following numbers 5 to 10 minutes prior to the scheduled start time:

 

  

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Globe Newswire: 06:30 GMT Wednesday 15th May 2019

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