CGG: revenues down a third in 2020
(CercleFinance.com) - CGG announces that its fourth quarter 2020 revenues are expected to be around 282 million dollars, up 42% sequentially, bringing the FY 2020 total to around 954 million dollars, down 32%.
The geosciences group expects 2020 net cash flow to be around -245 million dollars, although its order backlog for operations at 1 January 2021 stands at 421 million dollars, the highest level since 1 April 2020.
In addition, Eidesvik sold its Shearwater shares to CGG on 9 January at a price of 30 million dollars and CGG accepted Rasmussengruppen's offer to purchase its Shearwater shares on 11 January for a total consideration of 27.62 million dollars.
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