CGG Loss Deepens

French seismic contractor, CGG, recognised widened quarterly net loss as the market slowdown made a major dent in the company’s revenues.

In the first quarter 2016, CGG generated revenues of $313 million, down 45 per cent compared to Q1 2015 ($570 million) and down close to 47 per cent quarter-over-quarter ($589 million).

The company recognised quarterly net loss of $130 million, versus $55 million loss same time last year. CGG improved quarter-over-quarter, narrowing its loss form $256 million.

“Our clients are reacting strongly to the prevailing very unfavorable oil prices by continuing to significantly reduce their capital expenditure and headcounts, and this has had a strong impact on our activities. This environment has mostly penalized Sercel and our multi-client after-sales, although the latter had a very good fourth quarter in 2015,” stated Jean-Georges Malcor, CGG CEO.

Malcor also said that the company expects a depressed environment for the whole year, but also to see full benefits from its earlier initiated transformation plan in the second half.

Subsea World News Staff

Share this article

Follow Subsea World News


<< Feb 2020 >>
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1


The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance…

read more >

Oceanology International 2020

Exhibitors from industry, government and research institutions share their knowledge and come…

read more >


The Offshore Technology Conference Asia (OTC Asia) is where energy professionals meet to exchange…

read more >

Shallow and Deepwater Mexico Exhibition and Conference

Shallow and Deepwater Mexico, an offshore oil and gas exhibition and conference is the key center for the international offshore oil and gas community in Mexico. 

read more >