CGG: CGG Provides Q3 2021 Trading Update

Rhea-AI Summary

CGG anticipates Q3 2021 segment revenue to reach approximately $270 million, reflecting a 35% year-on-year increase and a 72% sequential rise. Key segments are:

• Geoscience: $77 million (stable year-on-year, +5% sequential)
• Multi-Client: $92 million (+26% year-on-year, +149% sequential)
• Equipment: $101 million (+102% year-on-year, +110% sequential)

CGG will release full Q3 results on November 3, 2021, and has updated its financial communication schedule to better accommodate investors.

Positive

• Q3 2021 segment revenue expected to be around $270 million, up 35% year-on-year and 72% sequentially.
• Multi-Client revenue up 26% year-on-year, showing strong demand.
• Equipment segment revenue saw a significant increase of 102% year-on-year.

Negative

• Geoscience segment revenue stable year-on-year, suggesting limited growth potential in this area.

 CGG Provides Q3 2021 Trading Update

Q3 2021 Segment Revenue expected to be around $270 million,
up 35% year-on year and 72% sequentially

PARIS, France – October 11, 2021

Third quarter 2021 segment revenue update

CGG anticipates Q3 2021 segment revenue to be around $270 million, up 35% year-on-year and up 72% sequentially.

• Geoscience segment revenue is expected to be around $77 million, stable year-on-year and up 5% sequentially.
• Multi-Client segment revenue is expected to be around $92 million, up 26% year-on-year and up 149% sequentially.
• Equipment segment revenue is expected to be around $101 million, up 102% year-on-year and up 110% sequentially.
  

Sophie Zurquiyah, CEO, CGG, said: “We delivered robust third quarter performance, confirming the anticipated trends of gradual recovery in Geoscience, sustained demand for our Multi-client data located in the world’s most active basins, and a pick-up in Equipment deliveries in the second half of the year. Multi-client prefunding revenue for the quarter was around $59 million and after-sales increased to around $33 million this quarter.”

Change of financial communication schedule

Starting Q3 2021, CGG is changing its financial communication schedule, the time of release of its financial results and the management conference call with investors and analysts.

CGG will now publish its quarterly financial communication at 5:45 pm CET and hold a management conference call at 6:30 pm CET.

This financial communication schedule should be an opportunity for US and UK investors, shareholders and bondholders to participate in the conference call with management.

Q3 2021 results calendar

CGG will announce its third quarter 2021 results on November 3, 2021 after the closing of the Paris stock exchange and hold the management conference call at 6:30pm CET.

Forward-looking statements

The Company provides this information based on a preliminary revenue review. The Company has not completed its financial reporting and related consolidation, review and control procedures, including the review of all sales against the established revenue recognition/cut-off criteria. The estimates provided in this release are therefore subject to change and the final Q3 2021 financial statements, once they are approved and released by the Company, may deviate materially from the information herein. Reference is made to the definition of Segment revenues in the Company`s annual and quarterly reports.

About CGG

CGG (www.cgg.com) is a global geoscience technology leader. Employing around 3,700 people worldwide, CGG provides a comprehensive range of data, products, services and solutions that support our clients to more efficiently and responsibly solve complex natural resource, environmental and infrastructure challenges. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).

Contacts

Group Communications & Investor Relations Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: christophe.barnini@cgg.com

Attachment

• CGG - Press Release pdf version

FAQ

What is CGG's expected segment revenue for Q3 2021?

CGG anticipates Q3 2021 segment revenue to be around $270 million.

How much has CGG's revenue increased compared to the previous year?

CGG's revenue is expected to increase by 35% year-on-year.

When will CGG release its Q3 2021 financial results?

CGG will announce its Q3 2021 results on November 3, 2021.

What are the major segments contributing to CGG's revenue?

Key segments include Geoscience, Multi-Client, and Equipment.

What is the change in CGG's financial communication schedule?

CGG is now releasing its financial results at 5:45 pm CET and holding calls at 6:30 pm CET.