Very strong start to the year Revenue at $273m, up 30% y-o-y ADJUSTED EBITDAs at $106m, up 58% y-o-y Net Cash-Flow at $30m PARIS, France – May 14, 2024 – CGG (OTC:CGPVF), a global technology and high-performance computing leader, announced today its first quarter 2024 non-audited results. Commenting on these results, Sophie Zurquiyah, CGG CEO, said: "I am very pleased with our first quarter performance. At $273m, we delivered the best first quarter revenue since our strategic decision to become an asset light company in late 2018. Our $30m net cash generation, together with the recent upgrade of our long-term debt by S&P Global Ratings are positive steps of our financial trajectory and balance sheet deleveraging. The continued strong market environment across our core segments, combined with CGG's recent backlog pick-up, further increases our confidence in achieving our 2024 financial targets." Q1 2024: Very strong start to the year   IFRS figures: revenue at $249m, EBITDAs at $80m, OPINC at $20m   Segment revenue at $273m, up 30% year-on-year. Geoscience at $88m, up 11% year-on-year. Global activity remains strong sustained by demand for high-end large projects and NOCs increasing activity.   Earth Data at $97m, up 50% year-on-year sustained by broader geographical demand. Prefunding revenue at $58m and after-sales up 32% year-on-year at $39m.   Sensing and Monitoring at $89m, up 35% year-on-year, driven by high deliveries of land equipment.   Adjusted Segment EBITDAs* at $106m, up 58% year-on-year including $(16)m fees from contractual vessel commitments and a 38% margin. Adjusted Segment Operating income* at $29m, up 107% year-on-year. Group Net Income at $(3)m compared to $(16)m last year.   Cash-flow and Balance Sheet:   Net cash-flow at $30m, including $(20)m fees from contractual vessel commitments. Cash liquidity of $350m as of March 31, 2024, excluding $90m undrawn RCF. Net debt before IFRS 16 at $858m as of March 31, 2024.   Post closing events:   On April 2, CGG and ONGC entered into a final agreement to settle an old litigation for a net cash amount of ~$30m.   On April 5, S&P Global Ratings ("S&P") has upgraded our Company's issuer credit rating to 'B-' from 'CCC+'.   2024 Financial objectives:   The Group reiterates its 2024 financial objectives and its 2024-2025 financial trajectory.    Key Figures - First Quarter 2024 Key Figures IFRS 2023 2024 Variances %   In million $ Q1 Q1 Operating revenues 178 249 40% Operating Income 7 20 -    Equity from Investment 0 (0) - Net cost of financial debt (24) (24) (2%)    Other financial income (loss) 3 (0) -    Income taxes (1) 2 - Net Income / Loss from continuing operations (16) (3) 83% Net Income / Loss from discontinued operations (0) 0 122% Group net income / (loss) (16) (3) 83% Operating Cash Flow 54 102 88% Net Cash Flow 1 30 - Net debt 994 966 (3%) Net debt before lease liabilities 905 858 (5%) Capital employed 2 035 2 033 (0%) Key Segment Figures - First Quarter 2024 Key Segment Figures 2023 2024 Variances %   In million $ Q1 Q1 Segment revenue 210 273 30% Segment EBITDAs 66 105 59% Group EBITDAs margin 31% 38% 7 bps Segment operating income 13 28 114%    Opinc margin 6% 10% 4 bps IFRS 15 adjustment (6) (8) (25)% IFRS operating income 7 20 199% Operating Cash Flow 54 102 88% Net Segment Cash Flow 1 30 -    Supplementary information       Adjusted segment EBITDAs before NRC 67 106 58%    EBITDAs margin 32% 39% 7 bps Adjusted segment operating income before NRC 14 29 -    Opinc margin 21% 4% (16) bps Key figures bridge: Segment to IFRS - First Quarter 2024 P&L items Segment figures   IFRS 15 adjustment   IFRS figures   In million $ Total Revenue 273 (25) 249 OPINC 28 (8) 20         Cash Flow Statement items Segment figures   IFRS 15 adjustment   IFRS figures   In million $    EBITDAs 105 (25) 80 Change in Working Capital & Provisions (0) 25 25 Cash Provided by Operations 102 - 102         Earth Data Data Library NBV Segment figures   IFRS 15 adjustment   IFRS figures   In million $ Opening Balance Sheet, Dec 31st 23 311 147 458 Closing Balance Sheet, March 31st 24 308 163 471 First Quarter 2024 Segment Financial Results Digital, Data and Energy Transition (DDE) Data, Digital & Energy Transition (DDE) 2023 2024 Variances %   In million $ Q1 Q1 Segment revenue 144 185 28% Geoscience 79 88 11%    Earth Data 65 97 50%        Prefunding 35 58 65%        After-Sales 30 39 32% Segment EBITDAs 71 103 45%    EBITDAs Margin 49% 56% 7 bps Segment operating income 25 35 40% OPINC Margin 17% 19% 2 bps Equity from investments          Capital employed (in billion $) 1,5 1,5 4%    Supplementary information       Adjusted segment EBITDAs before NRC 71 104 46%    EBITDAs Margin 49% 56% 7 bps Adjusted segment OPINC before NRC 25 35 43% OPINC Margin 17% 19% 2 bps    Other Key Metrics       Earth Data cash capex ($m) (28) (50) 79% Earth Data cash prefunding rate (%) 126% 116% (10) bps Digital, Data and Energy Transition (DDE) segment revenue was $185 million, up 28% year-on-year. Geoscience (GEO) revenue was $88 million, up 11% year-on-year. Geoscience had a very solid activity led by all regions. The level of commercial activity continues to be solid and order intake was up 48% year-on-year at the end of March sustained by continuing adoption of disruptive imaging technologies. Earth Data (EDA) revenue was $97 million, up 50% year-on-year. Earth Data cash capex was $(50) million this quarter, up 79% year-on-year. Prefunding revenue was solid at $58 million, up 66% and prefunding rate was at 116%. After-sales were at $39 million this quarter, up 32% year-on-year. The segment library Net Book Value was $308 million ($471 million after IFRS 15 adjustments) at the end of March 2024. DDE segment EBITDAs was $103 million, up 45% year-on-year, a solid 56% margin and including $(16)m from contractual vessel commitments. DDE segment operating income was $35 million, up 40% year-on-year. DDE capital employed at $1.5 billion at the end of March 2024.   Sensing and Monitoring (SMO) Sensing & Monitoring 2023 2024 Variances %   In million $ Q1 Q1 Segment revenue 66 89 35% Land 13 39 194% Marine 34 34 (2%)      Downhole gauges 6 5 (6%) Beyond the Core 12 11 (13%) Segment EBITDAs (0) 10 -    EBITDAs margin (1%) 11% 12 bps Segment operating income (7) 2 125% OPINC Margin (11%) 2% 13 bps Capital employed (in billion $) 0,6 0,5 (16%)    Supplementary information       Adjusted segment EBITDAs before NRC 1 10 -    EBITDAs margin 1% 12% 11 bps Adjusted segment OPINC before NRC (6) 2 134% OPINC Margin (9%) 2% 12 bps Sensing and Monitoring (SMO) segment revenue was $89 million, up 35% year-on-year. High level of land equipment sales at $39 million, up 194% year-on-year. Marine equipment at $34 million stable year-on-year. Downhole sales were at $5 million, stable year-on-year. Beyond the Core revenues were at $11 million. SMO segment EBITDAs was $10 million. SMO segment operating income was $2 million. SMO capital employed at $0.5 billion at the end of March 2024. First Quarter 2024 Financial Results Consolidated Income Statements 2023 2024 Variances %   In million $ Q1 Q1 Exchange rate euro/dollar 1,07 1,09 2% Segment revenue 210 273 30% DDE 144 185 28%    Sensing & Monitoring 66 89 35%    Elim & Other       Segment Gross Margin 46 64 38% Segment EBITDAs 66 105 59% Adjusted Segment EBITDAS* 67 106 58% DDE Adjusted*  71  104  46%    Sensing & Monitoring Adjusted*  1  10  - Corporate Adjusted* (4) (6) (48%)    Elim & Other Adjusted* (1) (2) - Segment operating income 13 28 114% Adjusted Segment Opinc* 14 29 - DDE Adjusted*  25 35 40%     Sensing & Monitoring Adjusted*  (6) 2  134% Corporate Adjusted* (4) (7) (68%)    Elim & OtherAdjusted* (1) (1) - IFRS 15 adjustment (6) (8) 199% IFRS operating income 7 20 199%    Equity from investments 0 (0) - Net cost of financial debt (24) (24) (2%)    Other financial income (loss) 3 (0) (101%)    Income taxes (1) 2 243% Net income / (loss) from continuing operations (16) (3) 83% Net income / (loss) from discontinued operations (0) 0 122% IFRS net income / (loss) (16) (3) 83%    Shareholder's net income / (loss) (16) (3) 81% Basic Earnings per share in $ (0,02) 0,00 100% Basic Earnings per share in € ...