Q1 2021 FINANCIAL RESULTS

cgg.com All figures are 'segment figures' used for management reporting (before non-recurring charges and IFRS 15), unless stated otherwise

Disclaimer

This presentation contains forward-looking statements, including, without limitation, statements about CGG ("the Company") plans, strategies and prospects. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, the Company's actual results may differ materially from those that were expected.

The Company based these forward-looking statements on its current assumptions, expectations and projections about future events. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it is very difficult to predict the impact of known factors and it is impossible for us to anticipate all factors that could affect our proposed results. All forward-looking statements are based upon information available to the Company as of the date of this presentation.

Important factors that could cause actual results to differ materially from management's expectations are disclosed in the Company's periodic reports and registration statements filed with the AMF. Investors are cautioned not to place undue reliance on such forward-looking statements.

TAKING DATA FURTHER

Q1 2021 Financial Results

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Agenda

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Business overview

Operational review

Financial review

2021 Business outlook & Financial objectives

Q1 2021 Financial Results

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BUSINESS OVERVIEW

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cgg.com

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Q1 2021 Business overview

SEASONALLY SOFT

FIRST QUARTER

A MIXED BUSINESS

PERFORMANCE

SUCCESSFUL REFINANCING

  • Progressive refocusing of IOCs after a year of drastic reorganizations and cuts in E&P spending
  • A slow start of the year but recent upticks in commercial contracts and verbal awards
  • Sustained activity with large NOCs
  • A soft GGR activity
    • Geoscience at a low point as it continued to execute its backlog
    • One multi-client program this quarter, Nebula offshore Brazil, expected to continue in 2021
    • Delayed multi-client sales to Q2/H2
  • High level of land equipment deliveries mainly to Saudi mega-crews
  • Normalization of the capital structure
  • Reduction of cost of debt with a blended interest rate of 8.17% and elimination of PIK
  • Extension of maturities to 2027 (6 years)
  • Non-callperiod of 3 years with possibility to repay up to 10% ($120m) per year

Q1 2021 Financial Results

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CGG SA published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 06:09:04 UTC.