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CGG Announces 2011 Fourth Quarter & Full Year Results

  • 2011 Revenue up 10% and Cash Flow from Operations up 36%
  • Operating Income at $208 million
  • Net Free Cash Flow of $94 million and
  • 2012 Outlook: Growth and Performance

PARIS, France – March 1, 2012

CGGVeritas (ISIN: 0000120164 – NYSE: CGV) Board of Directors approved on February 29, 2012, the 2011 financial statements of the Company, on which the independent auditors are in the process of completing their audit procedures.

Fourth Quarter 2011 key figures

In million $ 2011 2010
Revenue 3180 2904

Operating Income
(before 2010 restructuring costs and impairment of intangible assets)

208 220
Operating Income (1) 208 89

Net Income
(before 2010 restructuring costs and impairment of intangible assets)

-13 29
Net Income (1) -13 -59

Cash Flow from Operations

815 598

Free Cash Flow

94 -108

Net Debt

1411 1536
Net Debt to Equity Ratio 37% 41%
(1) 2010 Results included restructuring costs and impairment of intangible assets.

CGGVeritas CEO, Jean-Georges Malcor commented:

“We are pleased to report that our performance plan, which included significant fleet upgrades, started to show results as early as the second half of 2011. Despite the continued challenging marine marketplace, unrest in North Africa and the Middle East, and the measured recovery of the Gulf of Mexico, free cash flow was strong and well above our target for the year.

Looking forward into 2012, in the context of a strong oil price environment, E&P spending is expected to continue to grow. Demand for high-end technologies and solutions should favor our activities and strengthen the success of our differentiating offers such as BroadSeis. Sercel is poised for another year of excellence and Services activities could significantly improve based on the combined impact of our performance plan and the gradual increase of marine prices.

The ongoing strengthening of our high-end positioning and technological differentiation positions us to fully benefit from the expected robust seismic market conditions. In this context, I believe that CGGVeritas in 2012 can start a new journey of growth and strengthen its financial and operational performance”.

PDF Icon (Large)Full Press Release (PDF: 758 KB, 20 pages)

Other Information

  • Jean-Georges Malcor, CEO, will comment on the results today, March 1, 2012 during a public presentation at 9:30 AM – at the Academie Diplomatique Internationale – 4 bis avenue Hoche – PARIS 8ème.
  • An English language conference call is scheduled today at 3:00 PM (Paris time) – 2:00 PM (London time) – 8:00 AM (US CT) – 9:00 AM (US ET).

    To take part in the English language conference, simply dial five to ten minutes prior to the scheduled start time.

    - US Toll-Free 1-877-317-6789
    - International call-in 1-412-317-6789
    - Replay 1-877-344-7529 & 1-412-317-0088
    Conference number: 10009281

    You will be connected to the conference: “CGGVeritas Q4 & Full Year 2011 results”.
  • Copies of the presentation are posted on the Company website www.cggveritas.com and can be downloaded.
  • The conference call will be broadcast live on the CGGVeritas website www.cggveritas.com and a replay will be available for two weeks thereafter.

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 Contacts

Christophe Barnini
Tel.: +33 1 64 47 38 11
E-Mail: invrelparis@cgg.com

Hovey Cox
Tel.: +1 832-351-8801
E-Mail: invrelhouston@cgg.com

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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.