The DDE segment performed strongly, but SMO was disappointing (down 50%) due to a shift of deliveries into Q4. Full-year guidance was

Results were positive for creditors. Revenue was 8% light vs our model on lower-than-expected orders in the Sensor and

CGG had a strong Q1 with Revenue/EBITDA and cash flow all beating our model. The pull to par in the bonds will continue. However, as we have said before, we do

Please find our slightly updated analysis here.

CGG operationally continues to improve, and we expect FCF/Cash interest at 1.4x in 2024. National Oil Companies have already increased expenditure, and the

Good numbers and some good news for bondholders. CGG generated cash in both the final quarter and for the full year. Management is going to

Please find our refreshed analysis here. 

CGG will generate free cash flow in FY23. However, the positive momentum in Oil Field Services in H223 needs to be considered alongside the most recent poor economic data from the US and China. Q3 showed an improvement in the Data business

Q3 was strong, with  DDE and Earth Data divisions seeing a jump in orders in the quarter. The promised stronger H2 seems to be materialising. CGG effectively increased

The Data business' softness was an unpleasant surprise, especially before the background of bullish statements from Schlumberger. CGG explained that this was

CGG’s Q123 operating cash flow was in line with our model. Lower than-expected investing cash flows also meant that FCF was positive ($4m) vs -$10m in our