CGG Provides Q4 & Full Year 2023 Financial Update - Seite 2

CGG anticipates year-end 2023 Net Debt before IFRS 16 to be around $875 million, and Net Debt after IFRS 16 to be around $980 million.

2024 Financial objectives and 2025 - 2026 cash generation

CGG anticipates 2024 financial performance to improve, driven by growth of DDE, offset by reduced mega crews’ activity impacting SMO.

CGG anticipates net cash flow generation to be similar in 2024, compared to 2023 and then to significantly accelerate and represent around $75-100 million per year during the period 2025 - 2026 based on continued operational optimization, including the end of our contractual vessel commitments, and the positive fall through from the growth of our core activities and the further development of our new businesses.

Full Year 2023 Results and conference call

CGG will announce its fourth quarter 2023 and full year 2023 audited results on March 6, 2024, after market close, and after they have been approved by the Board of Directors.

Forward-looking statements/estimated financial information

This press release includes forward-looking statements and estimated financial information. The Company provides this information based on a preliminary review of its financial results as of the date of this press release, and in particular of its revenues. The Company has not completed its financial reporting and related consolidation, review and control procedures, including the review of all sales against the established revenue recognition/cut-off criteria. This financial information constitutes therefore estimates. These estimates have not been reviewed by the Company’s auditors. The information provided in this release is therefore subject to change and the final Q4 2023 and Full Year 2023 financial statements, once they are approved by the Company, reviewed by the auditors and released, may deviate materially from the information herein. Reference is made to the definition of Segment revenues in the Company`s annual and quarterly reports.

About CGG

CGG (www.cgg.com) is a global technology and HPC leader that provides data, products, services and solutions in Earth science, data science, sensing and monitoring. Our unique portfolio supports our clients in efficiently and responsibly solving complex digital, energy transition, natural resource, environmental, and infrastructure challenges for a more sustainable future. CGG employs around 3,300 people worldwide and is listed on the Euronext Paris SA (ISIN: 0013181864).

Contacts

Group Communications & Investor Relations Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: [e-mail]

 

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• CGG Provides Q4 & Full Year 2023 Financial Update