Q1 2024 FINANCIAL RESULTS
1
Q1 2024 key segment financial highlights
REVENUE | Adjusted EBITDAs | NET CASH FLOW |
$273 million | $106 million | $30 million |
Up 58% y-o-y | including $(20)m | |
Up 30% y-o-y | including $(16)m penalty fees | contractual fees from |
from vessel commitments | vessel commitments |
Liquidity of $440 million, including $90 million undrawn RCF
Q1 2024 financial results | 2 |
Q1 2024 post closing events
S&P upgrade to B-
ONGC litigation settlement for a net amount of ~$30m
Q1 2024 financial results | 3 |
DDE segment: Key business indicators | |||||||
Segment revenue ($m) | Adjusted segment EBITDAs* ($m) & margin (%) | ||||||
56% | 62% | 55% | 49% | 56% | |||
+2% | 330 | 406 | 367 | ||||
+21% | 672 | ||||||
659 | Earth Data | ||||||
71 | 104 | ||||||
545 | Geoscience | ||||||
337 | 2021 | 2022 | 2023 | Q1 2023 | Q1 2024 | ||
375 | |||||||
Adjusted segment OPINC ($m) & margin (%) | |||||||
276 | |||||||
28% | 185 | |||
284 | 335 | 144 | 97 | |
269 | 65 | |||
79 | 88 | |||
2021 | 2022 | 2023 | Q1 2023 | Q1 2024 |
Q1 2024 financial results
18% | 29% | 21% | 17% | 19% | |
192 | |||||
105 | 140 | ||||
25 | 35 | ||||
2021 | 2022 | 2023 | Q1 2023 | Q1 2024 | 4 |
* Including penalty fees from vessel commitments | |||||
Geoscience: Key business indicators
Total production ($m)
474
394 | 399 | +19% |
139 |
125 115 +18%
269 284 335
Internal production External revenue
113 +8% 122
34 34
79 88
Backlog ($m)
+23% |
227 |
184 |
2021 | 2022 | 2023 | Q1 2023 | Q1 2024 |
2023 | March 31 2024 |
Total production / head ($k) | Computing power (PFLOPS) | ||||||||||||
250 | 290 | 510 | 515 | ||||||||||
313 | 313 | ||||||||||||
278 | 286 | ||||||||||||
2019 | 2021 | 2023 | Q1 2024 | ||||||||||
2021* | 2022 | 2023 | Q1 2024 | 5 | |||||||||
Q1 2024 financial results |
Geoscience: Q1 operational highlights
8Hz FWI model
AI-based detection of sand injectites from latest imaging in Norwegian North Sea
Geoscience
- Strong level of activity in first quarter with external revenue and order intake up respectively 11% and 48% year-on-year
- Backlog at $227m, up 23% compared to end of 2023
-
Sustained activity in Core business driven by continuing adoption of
TLFWI especially in Americas and increasing NOCs' activity worldwide
New businesses
- Minerals & Mining : Hardrock seismic imaging proving valuable in Australia to map the ore
- Carbon Sequestration : Positive dynamics with 5 projects on-going and cooperation agreements with key CCUS major players.
Q1 2024 Financial Results | 6 |
Advanced 4D FWI for better reservoir time-lapse monitoring
Velocity
Velocity 4D Difference
Q1 2024 Financial Results
- Built upon CGG's Time-lag FWI, 4D FWI has been successfully adopted in various geological settings using time-lapse data of the same acquisition types
- A 4D joint FWI was designed to handle time-lapse data with poor repeatability (OBN vs. Streamer data)
- Time-lapsesignals are revealed in the prolific geological settings of the Brazilian pre-salt
7
Earth Data: Key business indicators
EDA revenue ($m) | EDA CAPEX ($m) & pre-funding (%) | |||||||||||
Multi-Client capex | Cash pre-funding rate | |||||||||||
1.6x | 1.8x | 1.9x | Cash on cash | |||||||||
375 | (10)% 337 | Prefunding | ||||
+36% | After-sales | |||||
276 | 136 | 194 | ||||
150 | 97 | |||||
65 | 50% | |||||
239 | ||||||
126 | 143 | 58 | ||||
35 | ||||||
30 | 39 | |||||
2021 | 2022 | 2023 | Q1 2023 | Q1 2024 |
89% | 66% | 113% | 126% | 116% |
168 | 205 | 171 | ||
50 | ||||
28 | ||||
2021 | 2022 | 2023 | Q1 2023 | Q1 2024 |
Data library NBV split as of 03/31/24 | Data library NBV regional split as of 04/31/24 | ||||
1% 1% | 5% | Europe - Africa | |||
10% | up to 4 years old | ||||
39% | Others | ||||
up to 3 years old | |||||
40% | North America | ||||
52% | up to 2 years old | ||||
South America - Brazil | |||||
up to 1 year old | |||||
36% | |||||
South America - other | |||||
WIP | 3% 13% | ||||
Q1 2024 financial results | 8 |
Earth Data: Q1 operational highlights
Reprocessing programs in Cote d'Ivoire
covering the recent mega-discovery Calao by exploration well Murene 1X
Americas
- OBN acquisition program in the central GoM
- Ongoing multi-physics program in SE Arizona for mining application
Europe
- Initiated a new CCUS reprocessing project in the Southern North Sea, UK.
- NVG library well positioned following recent announcement of North Sea CO2 storage areas
Africa
- Launched two new phases of reprocessing projects in Cote d'Ivoire
Asia Pacific
- Completion of the 2D program in the Malacca Strait, Malaysia
- Commencement of new 3D acquisition in the Bonaparte Basin, Australia,
in partnership with SLB
9
SMO segment: Key business indicators
Segment revenue ($m) | Adjusted segment EBITDAs ($m) & margin (%) |
356
17
15
453
+68% 48
23
(24)%
269
BTC Downhole
Marine Land
11% | 6% | 12% | - | 11% |
56 | ||||
39 | ||||
16 | (0.4) | 10 | ||
101
33
230
2021 | 2022 | 2023 | Q1 2023 | Q1 2024 |
223
19
72
+35% 89
Adjusted segment OPINC ($m) & margin (%)
2% | - | 5% | - | 2% |
24 |
144 153
- 11
-
5
6 34
- 39
8 | 2 | |||
-14 | -6 | |||
2021 | 2022 | 2023 | Q1 2023 | Q1 2024 | |||||
Q1 2024 financial results | 2021 | 2022 | 2023 | Q1 2023 | Q1 2024 | 10 | |||
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CGG SA published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 15:45:02 UTC.