The following is a summary of the CGG (CGGYY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CGG reported a strong Q1 2024 with net cash flow generation being $13 million, with revenue reaching $273 million, a 30% YoY increase.

• Geoscience revenue was up 11% YoY, accounting for $88 million, while Earth Data revenue increased by 50% YoY to $97 million.

• Sensing & Monitoring sector witnessed a 35% YoY increase in revenue to $89 million, largely driven by high deliveries of land equipment.

• Segment EBITDA was up 58% YoY at $106 million.

• The company settled a long-standing dispute in India, providing a net amount of around $30 million.

Business Progress:

• CGG reported robust exploration activities globally with interest from clients across all geographies, contributing to the highest first quarter performance since 2018.

• The company witnessed growth in Geoscience owing to high-end projects and increasing activity from national oil companies. Similarly, there was a growth in Sensing & Monitoring and Earth Data segments.

• CGG plans to strategically invest in expanding their seismic reservoir assessment capabilities and is optimistic about delivering on their 2024 objectives.

• The company established a new collaboration with Baker Hughes in the CCUS space. Progress on Sensing & Monitoring optimization plan is also reported.

• CGG expects changes in clients' behaviors following the PGS, TGS merger and is adapting its strategies accordingly.

• The AI Cloud Solution launch forms a part of the company's strategy to provide outcome as a service within high-performance computing markets.

More details: CGG Sponsored ADR IR

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