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CGG increases backlog

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Oilfield Technology,

CGG has announced that its backlog, from its new profile, at the end of February 2020 stands at US$537 million, up 34% compared to last year.

Following CGG’s recently announced exit from the marine and land acquisition business, the company provides a range of data, products, services and equipment that support the discovery and responsible management of the Earth’s natural resources.

CGG published its 4Q19 financial results on 6 March highlighting a strong financial position at year-end 2019 with cash liquidity of US$611 million, net debt of US$584 million (before IFRS 16) and a net debt/ EBITDAs leverage ratio at 0.9x (before IFRS 16).

Sophie Zurquiyah, CEO of CGG, said: “After our exit from the acquisition business, CGG’s new asset-light profile is significantly more resilient through the cycles, with considerably higher exposure to our clients’ development and production CAPEX. We have solid backlog, a strong balance sheet and are prepared to weather the current volatile market environment. We have flexibility to adapt our plans and investments, and I am confident that CGG’s new profile with its geoscience, multi-client and equipment businesses can remain cash positive under such difficult oil price market circumstances, as was demonstrated during the previous downturn.”

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