CGG has reported a third quarter group net loss of $17 million on revenues of $210 million compared to a net loss of $88 million on revenues of $178 million in Q3, 2020.
CGG has reported a third quarter group net loss of $17 million on revenues of $210 million compared to a net loss of $88 million on revenues of $178 million in Q3, 2020.
The company made an operating profit of $20 million compared with an operating loss of $43 million in Q3, 2020.
Segment revenue of $270 million was 35% up from $199 million in Q3, 2020 and up 71% sequentially. Segment operating income was $33 million. Segment EBITDA more than doubled to $118 million from $52 million in Q3 2020.
GGR segment revenue was $168 million, up 12% year-on-year and 53% sequentially.
Geoscience segment revenue was $77 million, stable year on year and up 5% sequentially. CGG said market recovery is being driven by high-end marine and OBN projects for reservoir optimization for IOCs. Orders are up by 10% year on year and 50% sequentially.
Multi-client segment sales were $92 million, up 26% year-on-year and up 149% sequentially. CGG had three vessels working on multi-client programmes, two in the Norwegian North Sea and one in Brazil. The company also had five reprocessing projects in the quarter including a new one in the Gulf of Mexico. Multi-client cap ex was $57 million. Prefuding for multi-client projects was $59 million at a prefunding rate of 103%. Multi-client after sales were $32 million, down 4% year on year.
Equipment segment sales were $101 million, up 105% year-on-year and up 113% sequentially.
Sophie Zurquiyah, CGG CEO, said: ‘I am encouraged by our Q3 results and more importantly by the signs of the gradually increasing demand for our core businesses, supported by the strengthening macro-environment.
‘We are developing and commercially progressing a growing portfolio of business opportunities targeting digital geoscience, energy transition, environmental geoscience, and infrastructure monitoring.’
