(CercleFinance.com) – CGG publishes a turnover of 255 M$ for the 3rd quarter, signaling an increase in activity of 21% compared to the same period a year earlier.
Operating income amounted to $28 million, up 35% over the same period.
The group nevertheless recorded a net loss group share of $2 million, a figure that is still far from the loss of $16 million recorded twelve months ago in the same period.
CGG points to ‘a weak Q3 due to shifts in customer projects in Q4 and 2023’ and indicates that its revenue from 2022 activities is expected around $900 million, stable proforma over one year.
‘We expect a strong fourth quarter driven by Earth Data sales. We remain determined to take advantage of the bullish cycle that is looming and thus increase our turnover, with the objective of deleveraging our balance sheet, ”said Sophie Zurquiyah, CEO of CGG.
CGG has net debt (before IFRS 16) of $889 million at the end of September 2022 for total liquidity of $325 million, including $225 million in available cash and $100 million in undrawn revolving credit facilities.