CGG reports sales of $249 million for the 1st quarter (IFRS figures), up 40% on the same period a year earlier.

At the same time, operating income totaled $20 million (vs. $7 million a year earlier), resulting in a net loss attributable to equity holders of the parent of -$3 million, a much smaller loss than that recorded in Q1 2023 (-$16 million).

Our net cash generation of $30 million this quarter, as well as the recent upgrade of our long-term debt by S&P Global Ratings, are positive steps in our financial trajectory and deleveraging of the balance sheet", said Sophie Zurquiyah, Chief Executive Officer of CGG, who was also "very satisfied" with the Group's quarterly performance.

"The continued solid market environment for our core activities, combined with the recent increase in the CGG Group's order backlog, reinforces our confidence in achieving our 2024 financial targets," she added, as the group confirmed its 2024 objectives.

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