CGG Supplies Total Yr 2020 & Q4 Fiscal Update
Q4 2020 Segment income envisioned at $282 million
Section backlog as of January 1, 2021 at $421 million
PARIS, France – January 12, 2021
Fourth quarter 2020 Section income update
CGG anticipates Q4 2020 phase profits at $282 million, sequentially up 42%.
- Geoscience phase income is envisioned to be all around $75 million, sequentially down 3%.
- Multi-Consumer section product sales are anticipated to be around $101 million, sequentially up 38%.
- Devices phase sales are expected to be around $106 million, sequentially up 115%.
Entire yr 2020 Segment profits update
CGG anticipates total yr 2020 section revenue at all over $954 million, down 32% yr on calendar year.
2020 Web hard cash move and Internet credit card debt at the stop of 2020
CGG anticipates destructive Internet Income Move all-around $(245) million predominantly thanks to considerable negative alter in working money (with December earnings expected to be around $160 million) and non-recurring money charges connected to CGG 2021 System and severance.
CGG anticipates calendar year-end 2020 Net credit card debt (prior to IFRS 16) to be all-around $849 million. The Group’s Liquidity is anticipated to be at all around $385 million at the finish of December 2020.
Group Phase backlog as of January 1, 2021 stands at $421 million – its highest amount considering the fact that April 1, 2020.
Eidesvik places its Shearwater shares to CGG and CGG accepts the give from Rasmussengruppen to acquire Shearwater shares
On January 11, 2021, Eidesvik Offshore ASA made the decision to training its set solution and promote to CGG all its Shearwater shares at a strike price tag of US$ 30 million. By way of this transaction, CGG SA will acquire 1,987,284 Course A shares and improve its shareholding in Shearwater Geoservices Keeping AS to 6.64% of the full excellent shares and 6.72 % of the shares having voting rights.
On January 11, 2021, CGG acknowledged the binding give from Rasmussengruppen to receive all Shearwater shares held by CGG SA, together with those to be owned as a end result of Eidesvik exercising its place alternative. By this transaction, CGG SA will promote a whole of 3,945,532 Course A shares of Shearwater Geoservices Keeping AS at reasonable market place worth for the whole income consideration of US$ 27.62 million. This transaction is anticipated to be done not later than February 1, 2021 issue to customary closing conditions.
Full 12 months 2020 Outcomes Calendar
CGG will announce its fourth quarter 2020 results on March 5, 2021 prior to the opening of the Paris inventory exchange.
The Organization provides this information and facts primarily based on a preliminary profits evaluation. The Enterprise has not completed its money reporting and relevant consolidation, evaluate and command treatments, such as the evaluate of all sales against the proven profits recognition/slice-off standards. The estimates offered in this launch are hence issue to modify and the Q4 2020 financial statements at last authorised and produced by the Business may deviate materially from the information and facts herein. Reference is built to the definition of Segment revenues in the Company`s annual and quarterly studies.
CGG (www.cgg.com) is a world wide geoscience know-how chief. Using close to 4,000 persons throughout the world, CGG gives a thorough array of info, items, companies and products that supports the discovery and accountable administration of the Earth’s natural assets. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).
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