CGG returns to profit in 2Q

French geophysical company CGG returned to profit in the second quarter of the year as its revenues fell by 3 percent.

CGG on Thursday posted a net income of $49.1 million for the second quarter 2018, returning from a loss of $169.7 million in the same period last year.

Net income attributable to the owners of CGG, after minority interests, was a gain of $47 million.

The geophysical company recorded segment revenues of $337.9 million, down by 3% from $349.8 million in the second quarter of 2017.

Commenting on these results, Sophie Zurquiyah, CGG CEO, said: “The second quarter results were in line with our expectations with a stable EBITDAs margin year-over-year.”

Zurquiyah added: “In the context of a gradual market improvement, while clients maintain a cautious approach to spending, we remain on track to meet our targets for 2018.”

The company’s net debt in in the 2Q 2018 fell to $715.9 million from $2.497 billion in the corresponding period of 2017.

Offshore Energy Today Staff