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CGG has announced its fourth quarter and full year 2020 audited results. The Company finished the year with solid fourth quarter operational performance. In 2021, CGG expects its performance to benefit from the proactive cost reduction actions and gradually strengthen in the second half of the year, delivering positive net cash flow in 2021.
$849m as of December 31, 2020 CGG is in a leading position to benefit from progressive market recovery With continuing acceleration of Covid-19 vaccinations world economies should continue to progressively recover from pandemic in 2021. Recent OPEC+ agreements support the rebalancing of supply and demand and Brent oil price has gradually recovered and stabilized above the $50/bbl threshold. CGG will continue to invest in geoscience technologies that support clients’ prioritization towards reservoir development and production optimization. After a low Q1, our Geoscience activity will star...