CGG: slashes loss in Q3

(CercleFinance.com) - The geoscience services company CGG has reported Q3 revenues of 255 million dollars, up 21% y-o-y.


Meanwhile, operating profit reached 28 million dollars, up 35% from a year ago.

The group nevertheless recorded a net loss, group share, of 2 million dollars, which is still well below the 16 million dollar loss recorded in Q3 2021.

CGG points to a weak Q3 due to client project slippage in Q4 and 2023 and says its 2022 business revenue is expected to be around 900 million dollars, stable on a pro-forma basis y-o-y.

It expects a strong Q4, driven by Earth Data sales and aims to exploit market conditions to deleverage its balance sheet.


Copyright (c) 2022 CercleFinance.com. All rights reserved.