CGG announces its 2018 first quarter results
Published by David Bizley,
Editor
Oilfield Technology,
CGG has announced its 2018 first quarter results.
Highlights:
- IFRS figures: revenue at US$246 million, OPINC at US$67 million, net income at US$647 million.
- Segment revenue at US$295 million, up 18% year-on-year.
- GGR: solid activity increase.
- Equipment: robust Land volume recovery.
- Contractual Data Acquisition: continued challenging market environment.
- Segment EBITDAs at US$53 million, up 85% year-on-year, an 18% margin.
- Segment OPINC at US$22 million.
Commenting on these results, Sophie Zurquiyah, CGG CEO, said:
“Our first quarter results are in line with expectations, with solid revenue growth and an improvement in our EBITDAs margin compared to the first quarter of 2017. These results continue to confirm an upward trend initiated in 2017 that is bringing improved volumes to GGR and Equipment. Contractual Data Acquisition activities remain challenged by low demand and deteriorated price conditions.
In the current context of strengthening oil prices, we observe a gradual market improvement, even as the major oil companies remain very cautious in their spending. In this environment, we confirm our revenue growth and EBITDAs margin targets for 2018.
The restructuring of CGG was successfully completed at the end of February and our balance sheet has been restored. My ambition, as the new CEO, and with the commitment of all our teams, is to return CGG to a business of sustainable and profitable growth, paving a new path to success for all our shareholders, clients and employees.”
Read the article online at: https://www.oilfieldtechnology.com/exploration/17052018/cgg-announces-its-2018-first-quarter-results/
You might also like
tengizchevroil starts WPMP operations at tengiz oil field in Kazakhstan
Chevron has announced today that its 50 % owned affiliate Tengizchevroil LLP (TCO) has safely commenced operations at its wellhead pressure management project (WPMP) at the Tengiz oil field in Kazakhstan.