French seismic contractor CGG has reported net loss of $124 million for the quarter ended September 30, 2017, against net loss of $88 million same time last year.
For the third quarter 2017, the company generated $320 million in revenue and EBITDA of $90 million, against revenue of $264 million and EBITDA of $97 million in the prior-year comparable period.
Year-to-date revenue came at $919 million, compared to $867 million for the first nine months of 2016. Net loss has widened from $297 million in 2016 to $439 million.
The company said it expects full-year EBITDA to be in line with 2016.
CGG is holding a EGM today for shareholders to approve the necessary resolutions for the implementation of the financial restructuring plan.
“The next decisive step for CGG’s sustainability is the approval of the necessary resolutions to implement the financial restructuring plan at the shareholders’ Extraordinary General Meeting held today on second notice.
This proposed plan would result in a $2 billion net debt reduction and would provide the necessary liquidity to support the Company’s turnaround, while allowing shareholders to participate to the recovery,” said Jean-Georges Malcor, CGG CEO.