CGG tops France's SBF 120 on sharp increase in Q1 sales

Viridien SA

15/05/2024 09:33

** Shares in CGG  GEPH.PA  jump more than 14% to the top of
France's SBF 120  .SBF120  index, after the French oil and gas
services group's Q1 results showed signs of business recovery
    ** "Sales rose sharply (+30%), with a 35% increase in
Sensing & Monitoring sales, which benefited from a very
favorable base effect and numerous deliveries of land-based
equipment," Portzamparc analyst Nicolas Delmas writes
    ** CGG reiterates 2024 targets on the back of strong Q1
results and a recent increase in its order book
    ** Q1 net loss narrows to $3 million from $16 million a year
earlier
    ** The shares are on track for their largest daily increase
since March 22 if gains hold

 (Reporting by Mathias de Rozario)
 ((mathias.derozario@thomsonreuters.com))