Page 1

CGG CGG Announces its Q1 2021 Results Positive Net Cash Flow and Successful Refinancing Seasonal Soft Quarter with Solid Equipment Performance 2021 Financial Objectives Confirmed PARIS , France - May 12 , 2021 – CGG ( ISIN : FR0013181864 ) , a world leader in Geoscience , announced today its first quarter 2021 non - audited results . Commenting on these results , Sophie Zurquiyah , CGG CEO , said : " With our successful refinancing we delivered the last milestone in our CGG 2021 strategy while normalizing our capital structure . We are now actively developing our new ambitions , focusing on growing our core highly differentiated businesses as the market gradually strengthens , and accelerating our growth beyond the core into sectors , including digitalization , observation & monitoring , and energy transition . ■ As anticipated , we continued to execute projects from our Geoscience backlog and delivered land equipment for the Saudi mega crews this quarter . Multi - Client saw a seasonal low first quarter and some shift in timing of sales . Overall , we generated $ 28m of positive net cash flow this quarter . With oil price firming up above the $ 60 / bbl level , we started to see in March a resumption in commercial activity and contract awards , which gives us confidence in our 2021 financial objectives . " Q1 2021 : A seasonal soft quarter with solid Equipment performance IFRS figures : revenue at $ 209m , EBITDAs at $ 32m , OPINC at $ ( 14 ) m Segment revenue at $ 213m , down ( 21 ) % year - on - year Geoscience : Reached a low point as it continued to deliver its backlog Multi - client : Soft quarter with timing of some sales moved to Q2 / H2 Equipment : Solid operational & business performance driven by land equipment deliveries Segment EBITDAs at $ 36m and Adjusted * Segment EBITDAs at $ 39m , a 19 % margin due to revenue mix Segment Operating Income at $ ( 11 ) m and Adjusted * Segment Operating Income at $ ( 12 ) m Group Net loss at $ ( 81 ) m * Adjusted indicators represent supplementary information adjusted for non - recurring charges triggered by economic downturn . -1