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CGG: CGG Announces its Q1 2021 Results

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CGG: CGG Announces its Q1 2021 Results
CGGMay 12, 2021 GMT
Positive Net Cash Flow and Successful Refinancing
Seasonal Soft Quarter with Solid Equipment Performance
2021 Financial Objectives Confirmed
PARIS, France –
May 12, 2021 – CGG (ISIN: FR0013181864), a world leader in Geoscience, announced today its first quarter 2021 non-audited results.
Commenting on these results, Sophie Zurquiyah, CGG CEO, said:
“
With our successful refinancing we delivered the last milestone in our CGG 2021 strategy while normalizing our capital structure. We are now actively developing our new ambitions, focusing on growing our core highly differentiated businesses as the market gradually strengthens, and accelerating our growth beyond the core into sectors, including digitalization, observation & monitoring, and energy transition. ....

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CGG: Announces its Q4 and Full Year 2020 Results

$849m as of December 31, 2020
CGG is in a leading position to benefit from progressive market recovery

With continuing acceleration of Covid-19 vaccinations world economies should continue to progressively recover from pandemic in 2021. Recent OPEC+ agreements support the rebalancing of supply and demand and Brent oil price has gradually recovered and stabilized above the $50/bbl threshold.
CGG will continue to invest in geoscience technologies that support clients’ prioritization towards reservoir development and production optimization. After a low Q1, our Geoscience activity will start recovering during the second half of the year on the back of solid demand for best-in-class subsurface imaging technologies and sustained activity with large NOCs. Our Multi-client business will reduce capex keeping its focus on expanding our unique footprint offshore Brazil and in the North Sea while reprocessing existing data libraries with our latest imaging technologies. ....

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CGG: Announces its Q4 and Full Year 2020 Results

CGG: Announces its Q4 and Full Year 2020 Results
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