CGG Second Quarter 2012 Results
A Comeback to Growth and Profitability
PARIS, France – July 27th 2012 – CGGVeritas announced today its non-audited second quarter 2012 consolidated1 results. All comparisons are made on a year-on-year basis unless stated otherwise.
- Revenue at $831 million, up 11%
- Strong increase in Operating Income at $85 million, a 10% margin
- Services return to profitability
- Positive Outlook for 2012 confirmed
Second Quarter 2012 Key Figures
| In million $ | Second Quarter 2012 | Second Quarter 2011* |
| Revenue | 831 | 751 |
|
EBITDAs |
228 | 149 |
|
Operating Income |
85 | 15 |
| Net Income | 34 | -38 |
| Cash Flow from Operations | 104 | 162 |
| Free Cash Flow | -129 | -7 |
| Backlog | 1,300 | 1,310 |
* Restated figures
CGGVeritas CEO, Jean-Georges Malcor commented:
"Our Performance Plan continues to bear fruit with the recovery of our marine operations, as illustrated by the very good utilization rate of our fleet since the beginning of the year. Combined with the sustained level of activity in Processing & Imaging, and a more favorable seasonality in Land Acquisition, our marine performance enabled Services to deliver a positive operating income this quarter (typically the weakest quarter in the year), despite the reduced contribution from multi-client sales. Sercel continued to deliver an excellent performance.
The commercial visibility is improving: exploration spending is expected to increase by more than 15% this year, and tendering activity in marine acquisition is firming up for the fourth quarter of 2012 and first quarter of 2013.
CGGVeritas remains at the forefront of innovation. We launched in early June the new generation of Sercel streamers, Sentinel® RD with a reduced diameter. We continue to capitalize on the commercial success of BroadSeisTM and CGGVeritas is returning to the US waters of the Gulf of Mexico with StagSeisTM, a major innovation in marine acquisition and imaging, with its new multi-client survey called IBALT.
Within this context, I am confident in our ability to reach our 2012 objectives.”
About CGGVeritas
CGGVeritas (www.cggveritas.com) is a leading international pure-play geophysical company delivering a wide range of technologies, services and equipment through Sercel, to its broad base of customers mainly throughout the global oil and gas industry.
CGGVeritas is listed on the Euronext Paris SA (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGV).
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| Investor Relations: | Group Communications: | ||
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Christophe Barnini |
Antoine Lefort |
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The information included herein contains certain forward-looking statements within the meaning of Section 27A of the securities act of 1933 and section 21E of the Securities Exchange Act of 1934. These forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties as disclosed by the Company from time to time in its filings with the Securities and Exchange Commission. Actual results may vary materially.
