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CGG announces its 2017 fourth quarter and full-year results

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Oilfield Technology,

  • Revenue at US$401 million, up 22% year-on-year.
    • GGR: strong Multi-Client sales in Brazil and North Sea.
    • Equipment: very strong volume recovery.
    • Contractual Data Acquisition: low Marine revenue as 75% of fleet dedicated to multi-client surveys.
  • EBITDAs1 at US$134 million, up 34% year-on-year, 33% margin.
  • Group Operating Income1 positive at US$18 million versus US$(70)million in Q4 2016.
  • Free Cash Flow1 at US$13 million.

Commenting on these results, Jean-Georges Malcor, CGG CEO, said:

"In a still challenging market overall, the Group achieved a robust 22% growth in fourth quarter revenue year-on-year, thanks, in particular, to a high level of land equipment sales and the good positioning of our multi-client data library in the strategic basins offshore Brazil and the North Sea. This level of revenue led to positive quarterly operating income for the first time in eight quarters.

After a decline in earnings over the last three years, we recorded a 10% increase in revenue and a 14% growth in EBITDA for the full year 2017, demonstrating the effectiveness and success of our industrial Transformation Plan, particularly the sharp reduction in our cost base.

Following the approval of the safeguard plan in France and the exit from Chapter 11 in the United States at the end of February, our financial restructuring is now finalised. At the closing of the financial restructuring and on a pro forma basis, CGG has a restored balance sheet with a net debt brought back to $631m, corresponding to a leverage ratio at 1.7 times.

Throughout this difficult period, CGG benefited from the continuous support of its clients and the full commitment of its employees and is now ready for a new momentum. With a restored balance sheet, strong technological positions and proven operational excellence, the Group has begun 2018 with renewed confidence and is ready to take full advantage of a rebound in the market."

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