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>

<< Aug 2018 >>
MTWTFSS
30 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

FPSO World Congress 2018

This year’s FPSO World Congress will tap on this green shoots of recovery and will focus on practical strategies to address key project…

read more >

ONS 2018

Offshore Northern Seas (ONS) provides a platform for the presentation of the political, economic and technological issues involving…

read more >

FPSO World Congress 2018

The Congress will continue its global focus and will feature the biggest and most important names in the FPSO industry…

read more >

SPE Asia Pacific Oil & Gas Conference and Exhibition 2018

As the energy industry adapts to a new status quo operating under sustained low oil prices, there continues to be a need for the industry…

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