CGG narrows loss despite revenues drop
French seismic player CGG has narrowed its quarterly loss despite revenues falling some 26 per cent compared to same time last year.
For the quarter ended 30 September, CGG recognised loss of $93 million, against loss of $147 million in the prior year comparable period.
Adjusted net loss from continuing operations, excluding $41 million of nonrecurring charges, was $47 million.
These charges CGG took due to cost reduction actions as a result of global economic crisis, triggered by Covid-19 pandemic and drop in oil price and E&P spending.
The company generated operating revenues of $178 million, down from $239 million in the the third quarter of 2019.
For the first nine months of 2020, CGG booked net loss of $338 million on revenues of $669 million.
This comapres to $87 million loss on $930 million revenues in the first nine months of 2019.
The company also reported liquidity of $465 million at the end of September 2020.