CGG returns to profit after restructuring

French geophysical player CGG returned to quarterly profit, following successful completion of financial restructuring during the first quarter of 2018. 

For the first quarter of 2018 CGG posted a profit of $646.6 million compared to a loss of $145.1 million in the same period of 2017.

CGG’s revenues for the first quarter of 2018 dropped to $245.6 million from $249.4 million in the prior-year period.

Following the completion of its restructuring at the end of February, CGG restored capital structure with net debt of $659 million at end of March and liquidity of $538 million. It is worth mentioning that CGG’s debt at the end of 1Q 2017 was over $2.3 billion and over $2.6 billion at the end of the fourth quarter 2017.

Commenting on the company’s performance, Sophie Zurquiyah, CGG’s newly-appointed CEO, said: “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.”

Zurquiyah continued: “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.”

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2019 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Fuel Cell Expo 2019

FC EXPO is world’s largest show for hydrogen & fuel cell…

read more >

LNG Bunkering Summit 2019

LNG Bunkering Summit will cover the obstacles facing both the shipping and port communities…

read more >

Egypt Petroleum Show

This event will feature 500+ regional & international exhibiting companies from over 35 countries…

read more >

IoT in Oil & Gas 2019

The IoT in Oil & Gas 2019 Conference will continue to focus on helping operators…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply