CGG returns to profit in 2Q

CGG CEO, Sophie Zurquiyah, image courtesy of CGG

French geophysical company CGG returned to profit in the second quarter of the year as its revenues fell by 3 percent.

CGG on Thursday posted a net income of $49.1 million for the second quarter 2018, returning from a loss of $169.7 million in the same period last year.

Net income attributable to the owners of CGG, after minority interests, was a gain of $47 million.

The geophysical company recorded segment revenues of $337.9 million, down by 3% from $349.8 million in the second quarter of 2017.

Commenting on these results, Sophie Zurquiyah, CGG CEO, said: “The second quarter results were in line with our expectations with a stable EBITDAs margin year-over-year.”

Zurquiyah added: “In the context of a gradual market improvement, while clients maintain a cautious approach to spending, we remain on track to meet our targets for 2018.”

The company’s net debt in in the 2Q 2018 fell to $715.9 million from $2.497 billion in the corresponding period of 2017.

Offshore Energy Today Staff

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Posted on August 2, 2018 with tags .

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