CGG has said that it expects fourth quarter 2019 segment revenue of $393 million, with Geoscience revenues of around $105 million, sequentially up 11%; multi-client sales of around $166 million and after-sales of around $96 million.
CGG has said that it expects fourth quarter 2019 segment revenue of $393 million, with Geoscience revenues of around $105 million, sequentially up 11%; multi-client sales of around $166 million and after-sales of around $96 million.
The company anticipates fourth quarter 2019 segment equipment sales of around $121 million, sequentially up 25%.
Full-year 2019 segment group revenue is expected to be $1.4 billion, up 14% year on year. CGG anticipates positive net cash flow around $185 million, the first time it has reported positive cashflow since 2012.
CGG anticipates year-end 2019 net debt to be around $584 million. The group’s liquidity was at $611 million at the end of 2019.
Meanwhile, CGG has completed its exit from the seabed data acquisition business and terminated its Seabed Geosolutions’ joint venture agreement with Fugro on 31 December, 2019.
The company has agreed to transfer its 40% shareholding in Seabed Geosolutions to Fugro before the end of the first quarter of 2020. It will conclude its financial commitments to Seabed Geosolutions by paying $35 million to joint venture partner Fugro. Sophie Zurquiyah, CEO, CGG, said: ‘I am very proud of the performance in 2019.’
