CGG Sees Q1 Segment Revenue Down 3%; Suspends 2020 Guidance

(RTTNews) - CGG anticipates first quarter group segment revenue to be around $273 million, down 3% year-on-year.

Geoscience first quarter 2020 segment revenue is expected to be around $93 million, up 2% year-on-year.

Citing the current uncertainties on the duration of the confinement around the world and the magnitude of economic impact to its businesses by the COVID-19 pandemic, the financial objectives communicated on March 6, 2020 are no longer effective, the company.

CGG said it is currently monitoring the situation and its clients' activity closely to evaluate the impact on its 2020 financial performance, and is revisiting its 2020 and 2021 financial objectives, which are no longer valid.

The company plans to release updated 2020 financial guidance on May 12, 2020 during its first-quarter 2020 financial presentation.