RTTNews | Jul 9, 2021 02:59AM EDT

02:58 Friday, July 9, 2021 (RTTNews.com) - French geoscience technology company CGG (CGG) Friday said it anticipates second-quarter segment revenue at around $158 million.

The company expects Geoscience segment revenue to be around $73 million, Multi-Client segment sales to be around $37 million, and Equipment segment sales to be around $48 million.

As of July 1, Group segment backlog stands at $360 million, up 4% from $348 million last year.

Looking ahead for full-year 2021, CGG anticipates segment revenue to be flat year-on-year and segment EBITDAs to be around $310 million impacted by a slow recovery in multi-client data purchases, mainly by IOCs.

The company further said its planned asset monetization and sale of businesses held for sale are progressing well and on track to close in early fourth quarter.

CGG is expecting to generate positive net cash flow in 2021.

Sophie Zurquiyah, CGG CEO, said, "In H1 2021 the increase in oil price did not translate yet into recovery of multi-client after-sales to our clients, especially the IOCs. Demand for our technologies remains strong and will benefit our Geoscience and Equipment businesses, as well as our ongoing multi-client programs which are positioned in the most attractive basins."

CGG will announce its second quarter 2021 results on July 28.

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