CGGVeritas (ISIN: 0000120164 – NYSE: CGV) announced today its non-audited third quarter 2009 consolidated results. All comparisons are made on a year-on-year basis unless stated otherwise. All results are reported after restructuring charges unless stated otherwise.
Results in line with expectations
Group revenue was $731m down 31% from a record quarter last year and reflecting current market conditions
Group operating margin was 8% and EBITDAs margin was 32% with a resilient Sercel EBIT margin, good vessel performance in oversupplied market and sequentially stable multi-client sales with a higher amortization rate
Net income was $12m
Free cash flow at $148m this quarter following a significant reduction of working capital
Net debt to equity reduced to 32%
Long term marine contract awarded by Pemex. Backlog as of November 1st increased sequentially to $1.65 billion
Cost reduction and marine adjustment plans on track
Disciplined capital spending with a 25% reduction year to date
Fleet reduction from 27 to 20 vessels progressing with three 3D vessels decommissioned to date. All related restructuring charges were accrued in Q2
