CGG: CGG Provides Full Year 2020 & Q4 Financial Update
12 Janeiro 2021 - 3:30AM
CGG: CGG Provides Full Year 2020 & Q4 Financial Update
CGG Provides Full Year 2020 & Q4
Financial Update
Q4 2020 Segment revenue expected at $282
millionSegment backlog as of January 1, 2021 at
$421 million
PARIS, France – January 12, 2021
Fourth quarter 2020 Segment revenue
update
CGG anticipates Q4 2020 segment revenue at $282
million, sequentially up 42%.
- Geoscience segment revenue is
expected to be around $75 million, sequentially down 3%.
- Multi-Client segment sales are
expected to be around $101 million, sequentially up 38%.
- Equipment segment sales are
expected to be around $106 million, sequentially up 115%.
Full year 2020 Segment revenue
update
CGG anticipates full year 2020 segment revenue
at around $954 million, down 32% year on year.
2020 Net cash flow and Net debt at the
end of 2020
CGG anticipates negative Net Cash Flow around
$(245) million mainly due to significant negative change in working
capital (with December revenue expected to be around $160 million)
and non-recurring cash costs related to CGG 2021 Plan and
severance.
CGG anticipates year-end 2020 Net debt (before
IFRS 16) to be around $849 million. The Group’s Liquidity is
expected to be at around $385 million at the end of December
2020.
Segment backlog
Group Segment backlog as of January 1, 2021
stands at $421 million – its highest level since April 1, 2020.
Eidesvik puts its Shearwater shares to
CGG and CGG accepts the offer from Rasmussengruppen to acquire
Shearwater shares
On January 11, 2021, Eidesvik Offshore ASA
decided to exercise its put option and sell to CGG all its
Shearwater shares at a strike price of US$ 30 million. Through this
transaction, CGG SA will acquire 1,987,284 Class A shares and
increase its shareholding in Shearwater Geoservices Holding AS to
6.64% of the total outstanding shares and 6.72 % of the shares
having voting rights.
On January 11, 2021, CGG accepted the binding
offer from Rasmussengruppen to acquire all Shearwater shares held
by CGG SA, including those to be owned as a result of Eidesvik
exercising its put option. Through this transaction, CGG SA will
sell a total of 3,945,532 Class A shares of Shearwater Geoservices
Holding AS at fair market value for the total cash consideration of
US$ 27.62 million. This transaction is expected to be completed not
later than February 1, 2021 subject to customary closing
conditions.
Full Year 2020 Results
Calendar
CGG will announce its fourth quarter 2020
results on March 5, 2021 before the opening of the Paris stock
exchange.
Forward-looking statements
The Company provides this information based on a
preliminary revenue review. The Company has not completed its
financial reporting and related consolidation, review and control
procedures, including the review of all sales against the
established revenue recognition/cut-off criteria. The estimates
provided in this release are therefore subject to change and the Q4
2020 financial statements finally approved and released by the
Company may deviate materially from the information herein.
Reference is made to the definition of Segment revenues in the
Company`s annual and quarterly reports.
About CGG
CGG (www.cgg.com) is a global geoscience
technology leader. Employing around 4,000 people worldwide, CGG
provides a comprehensive range of data, products, services and
equipment that supports the discovery and responsible management of
the Earth’s natural resources. CGG is listed on the Euronext Paris
SA (ISIN: 0013181864).
Contacts
Group Communications & Investor
RelationsChristophe BarniniTel: + 33 1 64 47 38
11E-Mail: christophe.barnini@cgg.com |
- CGG - Press Release pdf version
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