CGG Reports Decline in Multi-Client Sales
French oil services firm CGG’s multi-client sales declined to $242 million in the fourth quarter of 2015, from $290 million during the same period last year.
The company anticipates year-end 2015 net debt to be at $2.5 billion, marking an increase from the group’s net debt of around $2.4 billion as at the end of December 2014, and the group’s liquidity is expected to amount to $420 million by December-end.
CGG’s vessel availability rate in 4Q 2015 was 92 percent (2014: 87 percent) and its vessel production rate was 89 percent (2014: 92 percent).
Jean-Georges Malcor, CEO of CGG, commented in a company statement:
“Our strong level of multi-client sales this quarter confirms our excellent technology and the unique strategic positioning of our multi-client library in key sedimentary geological basins.”
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