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CGG Sees Higher Q3 Segment Revenue

CGG (CGG.PA) a global geo-science technology provider, on Monday, in its trading update, said it expects its third-quarter segment revenue to be about $270 million, up 35 percent, compared to the same period last year.

For the geo-science segment, the Paris headquartered-firm projects a revenue to be flat at $77 million. Multi-client segment revenue is expected to be around $92 million, an increase of 26 percent, compared to the same period last fiscal.

For the third quarter, the equipment segment of the technology company projects a revenue surge of 102 percent to $101 million.

Sophie Zurquiyah, CEO,CGG, said: "We delivered robust third quarter performance, confirming the anticipated trends of gradual recovery in Geoscience, sustained demand for our Multi-client data located in the world's most active basins, and a pick-up in Equipment deliveries in the second half of the year. Multi-client prefunding revenue for the quarter was around $59 million and after-sales increased to around $33 million this quarter."

At Paris Stock Exchange, CGG had closed at 0.64 euros per share on Friday, a rise of 2.44 percent, compared to its previous close of 0.63 euros per share.

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