CGG has reported a group net loss of $98 on revenues of $178 million compared to a group net loss of $147 million on revenues of $239 million in Q2 and group net profit of $41 million on revenues of $323 million in the third quarter of 2019.
CGG has reported a group net loss of $98 on revenues of $178 million compared to a group net loss of $147 million on revenues of $239 million in Q2 and group net profit of $41 million on revenues of $323 million in the third quarter of 2019.
The company posted an operating loss of $43 million compared to an operating loss of $32 million in Q2 and an operating profit of $98 million in Q3 2019.
GGR segment revenue was $150 million, up 4% quarter-on-quarter. Geoscience revenue was $77 million, down 7% quarter-on-quarter. Multi-Client revenue was $73 million, up 18% quarter-on-quarter. Prefunding revenue of multi-client projects was $39 million, down 15% quarter-on-quarter. Prefunding rate was 68%. Multi-client after-sales were $34 million driven by Brazil and US Gulf of Mexico, up 120% quarter-on-quarter. GGR segment operating income was -$25 million.
Equipment segment revenue was $50 million, down 14% quarter-on-quarter. Land equipment sales represented 62% of total sales, including more than 50,000 508XT channels mainly in Russia and India. Sercel also delivered its first land node WiNG system in North America. Marine equipment sales represented 29% of total sales driven by spares sections sales of Sentinel streamers’ installed base. Downhole equipment sales were $2 million and sales from non oil and gas equipment were $3 million. Equipment segment posted an operating loss of $9 million.
Sophie Zurquiyah, CGG CEO, said: ‘CGG markets stabilized in Q3 as large independents and NOCs started to resume activity, mainly in their core areas. We are on track with the implementation of the cost reduction plan resulting in increased Adjusted EBITDAs. We have been able to maintain market share in our core businesses throughout the year, and I have been pleased with our progress towards developing offerings in adjacent fields, including structural health monitoring, CCUS, geothermal and environmental geosciences.’
