CGG: update after stock's fall
(CercleFinance.com) - The CGG share closed down almost 12% yesterday.
The company today announced an order backlog for its new business scope of 537 million dollars at the end of February 2020, up 34% y-o-y.
"CGG published its Q4 2019 financial results on March 6th highlighting a strong financial position at year-end 2019 with cash liquidity of $611m, net debt of $584m (before IFRS 16) and a net debt/EBITDAs leverage ratio at 0.9x (before IFRS 16)," it said.
The company also said that it has it is under no pressure or obligation to refinance its debt, the first tranche of which does not mature until May 2023.
Sophie Zurquiyah, CGG's CEO, said, "I am confident that CGG's new profile with its Geoscience, Multi-Client and Equipment businesses can remain cash positive under such difficult oil price market circumstances, as was demonstrated during the previous downturn".
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The company today announced an order backlog for its new business scope of 537 million dollars at the end of February 2020, up 34% y-o-y.
"CGG published its Q4 2019 financial results on March 6th highlighting a strong financial position at year-end 2019 with cash liquidity of $611m, net debt of $584m (before IFRS 16) and a net debt/EBITDAs leverage ratio at 0.9x (before IFRS 16)," it said.
The company also said that it has it is under no pressure or obligation to refinance its debt, the first tranche of which does not mature until May 2023.
Sophie Zurquiyah, CGG's CEO, said, "I am confident that CGG's new profile with its Geoscience, Multi-Client and Equipment businesses can remain cash positive under such difficult oil price market circumstances, as was demonstrated during the previous downturn".
Copyright (c) 2020 CercleFinance.com. All rights reserved.