You are Home   »   News   »   View Article

CGG announces increase in backlog to $537m

Thursday, March 19, 2020

CGG announced that its backlog, from its new profile, at the end of February 2020 stands at $537m, up 34% compared to last year.

Following CGG's recently announced exit from the marine and land acquisition business, CGG has transformed into a People, Data and Technology company providing a comprehensive range of data, products, services and equipment that support the discovery and responsible management of the Earth's natural resources.

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). CGG is not under pressure and does not have obligations to refinance its debt in 2020 with its 1st lien debt maturing in May 2023.

Sophie Zurquiyah, CEO of CGG, said: 'After our exit from the Acquisition business, CGG's new asset-light profile is significantly more resilient through the cycles, with considerably higher exposure to our clients' development and production Capex. We have solid backlog, a strong balance sheet and are prepared to weather the current volatile market environment. We have flexibility to adapt our plans and investments, and 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.'



Associated Companies
» CGG
comments powered by Disqus

CREATE A FREE MEMBERSHIP

To attend our free events, receive our newsletter, and receive the free colour Digital Energy Journal.

FEATURED VIDEO

Exploration Data Management : North Borneo Grid
Wong Teck Hing
from Sarawak Shell Berhad

DIGITAL ENERGY JOURNAL

Latest Edition Apr-May 2020
Apr 2020

Download latest and back issues

COMPANIES SUPPORTING ONE OR MORE DIGITAL ENERGY JOURNAL EVENTS INCLUDE

Learn more about supporting Digital Energy Journal