Q1 2024 FINANCIAL RESULTS

1

Q1 2024 key segment financial highlights

REVENUE

Adjusted EBITDAs

NET CASH FLOW

$273 million

$106 million

$30 million

Up 58% y-o-y

including $(20)m

Up 30% y-o-y

including $(16)m penalty fees

contractual fees from

from vessel commitments

vessel commitments

Liquidity of $440 million, including $90 million undrawn RCF

Q1 2024 financial results

2

Q1 2024 post closing events

S&P upgrade to B-

ONGC litigation settlement for a net amount of ~$30m

Q1 2024 financial results

3

DDE segment: Key business indicators

Segment revenue ($m)

Adjusted segment EBITDAs* ($m) & margin (%)

56%

62%

55%

49%

56%

+2%

330

406

367

+21%

672

659

Earth Data

71

104

545

Geoscience

337

2021

2022

2023

Q1 2023

Q1 2024

375

Adjusted segment OPINC ($m) & margin (%)

276

28%

185

284

335

144

97

269

65

79

88

2021

2022

2023

Q1 2023

Q1 2024

Q1 2024 financial results

18%

29%

21%

17%

19%

192

105

140

25

35

2021

2022

2023

Q1 2023

Q1 2024

4

* Including penalty fees from vessel commitments

Geoscience: Key business indicators

Total production ($m)

474

394

399

+19%

139

125 115 +18%

269 284 335

Internal production External revenue

113 +8% 122

34 34

79 88

Backlog ($m)

+23%

227

184

2021

2022

2023

Q1 2023

Q1 2024

2023

March 31 2024

Total production / head ($k)

Computing power (PFLOPS)

250

290

510

515

313

313

278

286

2019

2021

2023

Q1 2024

2021*

2022

2023

Q1 2024

5

Q1 2024 financial results

Geoscience: Q1 operational highlights

8Hz FWI model

AI-based detection of sand injectites from latest imaging in Norwegian North Sea

Geoscience

  • Strong level of activity in first quarter with external revenue and order intake up respectively 11% and 48% year-on-year
  • Backlog at $227m, up 23% compared to end of 2023
  • Sustained activity in Core business driven by continuing adoption of
    TLFWI especially in Americas and increasing NOCs' activity worldwide

New businesses

  • Minerals & Mining : Hardrock seismic imaging proving valuable in Australia to map the ore
  • Carbon Sequestration : Positive dynamics with 5 projects on-going and cooperation agreements with key CCUS major players.

Q1 2024 Financial Results

6

Advanced 4D FWI for better reservoir time-lapse monitoring

Velocity

Velocity 4D Difference

Q1 2024 Financial Results

  • Built upon CGG's Time-lag FWI, 4D FWI has been successfully adopted in various geological settings using time-lapse data of the same acquisition types
  • A 4D joint FWI was designed to handle time-lapse data with poor repeatability (OBN vs. Streamer data)
  • Time-lapsesignals are revealed in the prolific geological settings of the Brazilian pre-salt

7

Earth Data: Key business indicators

EDA revenue ($m)

EDA CAPEX ($m) & pre-funding (%)

Multi-Client capex

Cash pre-funding rate

1.6x

1.8x

1.9x

Cash on cash

375

(10)% 337

Prefunding

+36%

After-sales

276

136

194

150

97

65

50%

239

126

143

58

35

30

39

2021

2022

2023

Q1 2023

Q1 2024

89%

66%

113%

126%

116%

168

205

171

50

28

2021

2022

2023

Q1 2023

Q1 2024

Data library NBV split as of 03/31/24

Data library NBV regional split as of 04/31/24

1% 1%

5%

Europe - Africa

10%

up to 4 years old

39%

Others

up to 3 years old

40%

North America

52%

up to 2 years old

South America - Brazil

up to 1 year old

36%

South America - other

WIP

3% 13%

Q1 2024 financial results

8

Earth Data: Q1 operational highlights

Reprocessing programs in Cote d'Ivoire

covering the recent mega-discovery Calao by exploration well Murene 1X

Americas

  • OBN acquisition program in the central GoM
  • Ongoing multi-physics program in SE Arizona for mining application

Europe

  • Initiated a new CCUS reprocessing project in the Southern North Sea, UK.
  • NVG library well positioned following recent announcement of North Sea CO2 storage areas

Africa

  • Launched two new phases of reprocessing projects in Cote d'Ivoire

Asia Pacific

  • Completion of the 2D program in the Malacca Strait, Malaysia
  • Commencement of new 3D acquisition in the Bonaparte Basin, Australia,

in partnership with SLB

9

SMO segment: Key business indicators

Segment revenue ($m)

Adjusted segment EBITDAs ($m) & margin (%)

356

17

15

453

+68% 48

23

(24)%

269

BTC Downhole

Marine Land

11%

6%

12%

-

11%

56

39

16

(0.4)

10

101

33

230

2021

2022

2023

Q1 2023

Q1 2024

223

19

72

+35% 89

Adjusted segment OPINC ($m) & margin (%)

2%

-

5%

-

2%

24

144 153

  1. 11
  1. 5
    6 34
  1. 39

8

2

-14

-6

2021

2022

2023

Q1 2023

Q1 2024

Q1 2024 financial results

2021

2022

2023

Q1 2023

Q1 2024

10

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Disclaimer

CGG SA published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 15:45:02 UTC.