- Q4 2022 segment revenue expected at around 321 million, sustained by solid Earth Data sales at around $147 million
- FY 2022 segment revenue expected at around $931 million and FY 2022 segment EBITDAs expected to be above latest guidance
- Q4 2022 positive Net Cash Flow expected at around $61 million
Fourth quarter 2022 segment revenue update
CGG anticipates Q4 2022 segment revenue at around $321 million, up 48% sequentially and up 8% proforma year-on-year, driven by strong aftersales, especially in the US Gulf of Mexico and Scandinavia, and higher deliveries of equipment in December 2022.
- Geoscience segment revenue is expected to be around $69 million, stable sequentially and down 22% proforma year-on-year with Q4 2021 driven by significant Geovation software sales.
- Earth Data segment sales are expected to be around $147 million, up 137% sequentially and up 29% year-on-year. In particular, after-sales are expected to be around $81 million, up 48% year-on-year.
- Sensing & Monitoring segment sales are expected to be around $104 million, up 21% sequentially and up 11% year-on-year due to higher-than-expected deliveries of equipment in December 2022.
Full year 2022 segment revenue update
CGG anticipates full year 2022 segment revenue at around $931 million, up 3% proforma year-on-year, and full year 2022 segment EBITDAs is expected to be above CGG’s guidance updated on November 2, 2022.
Q4 2022 & Full Year 2022 Net Cash Flow and Net Debt at the end of 2022
CGG anticipates Q4 2022 positive Net Cash Flow around $61 million, including the sale of US land seismic library, and full year 2022 Net Cash Flow around $(4) million.
Group’s cash liquidity at the end of December 2022 is expected to be around $298 million, excluding $100 million undrawn RCF.
CGG anticipates year-end 2022 Net Debt (before IFRS 16) to be around $859 million, and Net Debt (after IFRS 16) to be around $951 million.
Full Year 2022 results and conference call
CGG will announce its fourth quarter 2022 and full year 2022 audited results on March 2, 2023 after market close, and after they have been approved by the Board of Directors.
Source: CGG
