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

The upgrade of CGG to B- recognises that 2024/2025 will likely benefit from improving performance operationally and the end of some

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

The collaboration with Eclairon reflects the importance of data centres for CGG. New seismic mapping techniques mean clearer pictures

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

The Saudi Arabian orders promised by CGG are arriving. The Truck part of the order is worth around $10m, and the nodes are worth at least

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

CGG results yesterday beat our expectations. DDE performed mostly as expected, but underlying segment revenue from SMO

Our thesis for CGG remains unchanged, but the company had a better Q4 than we modelled due to higher-than-anticipated orders in the

The disposal of non-core data fits in with CGG’s strategy for Earth Data and the USD63m of additional liquidity is nice to have. Not a seismic move for the credit, but

Please find our unchanged analysis here.

We have already altered our stance on CGG for 2023 once this year. Due to the changing economic environment for CGG, we adjusted our cash flow forecast. The levers behind that change in view are still very much in play. There is more to CGG than changes in customer budgeting and this will impact the pace of change in the current environment.