«Después de nada, o después de todo/ supe que todo no era más que nada.»
«Después de nada, o después de todo/ supe que todo no era más que nada.»
Jan 12 (Reuters) - CGG SA <GEPH.PA>:
* CGG: CGG PROVIDES FULL YEAR 2020 & Q4 FINANCIAL UPDATE
* Q4 2020 SEGMENT REVENUE EXPECTED AT $282 MILLION
* SEGMENT BACKLOG AS OF JANUARY 1, 2021 AT $421 MILLION
* CGG ANTICIPATES FULL YEAR 2020 SEGMENT REVENUE AT AROUND
$954
MILLION, DOWN 32% YEAR ON YEAR.
* ANTICIPATES NEGATIVE NET CASH FLOW AROUND $(245) MILLION
MAINLY
DUE TO SIGNIFICANT NEGATIVE CHANGE IN WORKING CAPITAL (WITH
DECEMBER REVENUE EXPECTED TO BE AROUND $160 MILLION)
* GROUP SEGMENT BACKLOG AS OF JANUARY 1, 2021 STANDS AT $421
MILLION - ITS HIGHEST LEVEL SINCE APRIL 1, 2020.
* EIDESVIK PUTS ITS SHEARWATER SHARES TO CGG AND CGG ACCEPTS
OFFER
FROM RASMUSSENGRUPPEN TO ACQUIRE SHEARWATER SHARES
* CGG SA WILL ACQUIRE 1,987,284 CLASS A SHARES AND INCREASE
ITS
SHAREHOLDING IN SHEARWATER GEOSERVICES HOLDING AS TO 6.64% OF
TOTAL OUTSTANDING SHARES
* CGG SA WILL SELL A TOTAL OF 3,945,532 CLASS A SHARES OF
SHEARWATER GEOSERVICES HOLDING AS AT FAIR MARKET VALUE FOR TOTAL
CASH CONSIDERATION OF US$ 27.62 MILLIO
CGG Provides Full Year 2020 & Q4 Financial Update Q4 2020 Segment revenue expected at $282 million Segment backlog as of January 1, 2021 at $421 million PARIS, France – January 12, 2021 Fourth quarter 2020 Segment revenue update CGG anticipates Q4 2020 segment revenue at $282 million, sequentially up 42%. * Geoscience segment revenue is expected to be around $75 million, sequentially down 3%. * Multi-Client segment sales are expected to be around $101 million, sequentially up 38%. * Equipment segment sales are expected to be around $106 million, sequentially up 115%. Full year 2020 Segment revenue update CGG anticipates full year 2020 segment revenue at around $954 million, down 32% year on year. 2020 Net cash flow and Net debt at the end of 2020 CGG anticipates negative Net Cash Flow around $(245) million mainly due to significant negative change in working capital (with December revenue expected to be around $160 million) and non-recurring cash costs related to CGG 2021 Plan and severance. CGG anticipates year-end 2020 Net debt (before IFRS 16) to be around $849 million. The Group’s Liquidity is expected to be at around $385 million at the end of December 2020. Segment backlog Group Segment backlog as of January 1, 2021 stands at $421 million – its highest level since April 1, 2020. Eidesvik puts its Shearwater shares to CGG and CGG accepts the offer from Rasmussengruppen to acquire Shearwater shares On January 11, 2021, Eidesvik Offshore ASA decided to exercise its put option and sell to CGG all its Shearwater shares at a strike price of US$ 30 million. Through this transaction, CGG SA will acquire 1,987,284 Class A shares and increase its shareholding in Shearwater Geoservices Holding AS to 6.64% of the total outstanding shares and 6.72 % of the shares having voting rights. On January 11, 2021, CGG accepted the binding offer from Rasmussengruppen to acquire all Shearwater shares held by CGG SA, including those to be owned as a result of Eidesvik exercising its put option. Through this transaction, CGG SA will sell a total of 3,945,532 Class A shares of Shearwater Geoservices Holding AS at fair market value for the total cash consideration of US$ 27.62 million. This transaction is expected to be completed not later than February 1, 2021 subject to customary closing conditions. Full Year 2020 Results Calendar CGG will announce its fourth quarter 2020 results on March 5, 2021 before the opening of the Paris stock exchange.
«Después de nada, o después de todo/ supe que todo no era más que nada.»
