CGG (CGG) said on Wednesday that it expects a decline in segment revenue fourth-quarter. However, it projects a rise in the full-year segment revenue.
In addition, the firm said that it expects an improvement for the full year 2024, compared with 2023.
For the fourth-quarter, the company anticipates segment revenue of around $316 million, down 1 percent year-over-year.
For the full year, CGG anticipates segment revenue of around $1.12 billion, up 21 percent from previous year, driven in particular by very large deliveries of OBN and land equipment for mega crew projects.
Annual segment EBITDAs is expected to be around $390 million to $400 million.
CGG projects 2024 financial performance to improve, driven by growth of DDE, offset by reduced mega crews' activity impacting SMO.
Sophie Zurquiyah, CEO of CGG said: "Looking forward, we expect 2024 performance to improve compared to 2023, while we anticipate the market to moderately grow through 2026, yet unevenly over the quarters, based mainly on mega crew activity and multi-client spending."
The company is scheduled to announce its full-year results on March 6.
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