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Annual Report 2017 Profile ANNUAL REPORT 2017 PROFILE We deliver unique geoscience insight CGG is a leader in cutting-edge geoscience. We have achieved leadership through a strong focus on innovation and a sustained commitment to delivering the best products and services in our industry. We capitalize on our valuable multi-client studies, diverse consulting services and powerful software workfl ows to offer our clients integrated and customized solutions for every geologic setting. By combining our extensive geological and seismic data with our unique expertise we deliver unrivalled geoscience insight to better support the E&P workfl ows of our clients. 1 PROFILE 2 KEY FIGURES 4 GOVERNANCE AND MANAGEMENT 6 ACTIVITIES 8 FINANCIAL RESTRUCTURING 10 2017 HIGHLIGHTS 14 TECHNOLOGIES 16 SUSTAINABLE DEVELOPMENT 18 SHAREHOLDER INFORMATION STAFF DEDICATED 350 TO R&D YEARS OF 87 PIONEERING AROUND 5 300 EMPLOYEES AMONG THE WORLD’S TOP 15 FOR COMPUTING CAPACITY (ALL SECTORS) 29 SUBSURFACE IMAGING CENTERS 980 000 SQ KM OF OFFSHORE MULTICLIENT DATA IN KEY SEDIMENTARY BASINS 2 0 1 7 ANNUAL REPORT 1 KEY FIGURES CGG Group revenue in 2017 totalled 1,320 million dollars, up 10% compared to 2016 and after a decline over the last three years. This revenue fi gure breaks down to 62% from our Geology, Geophysics & Reservoir (GGR) business segment, 16% from our 2,101 Equipment business segment, and 22% from our Contractual Data Acquisition business segment. Since the launch of our industrial transformation plan at the end 1,320 1,196 of 2013, we have swiftly adapted to the deterioration in market conditions by halving the Group's headcount, by reducing our capital expenditures by c. 60% and cutting overheads by c. 60%. We further conducted the fi nancial restructuring process in 2015 2016 2017 2017 to adapt the Group balance sheet to the still challenging CONSOLIDATED OPERATING REVENUE geoscience market. (million dollars) OTHER ASIA PACIFIC 5% 16% NORTH AMERICA IOC 27% NOC 27% 37% 32% EUROPE, AFRICA AND 25% CENTRAL AND 31% MIDDLE EAST SOUTH AMERICAS MAJORS OPERATING REVENUE BY CLIENT TYPE OPERATING REVENUE BY REGION 2 2 0 1 7 ANNUAL REPORT 19 661 372 -77 328 -207 -269 -213 -328 2015 2016 2017 2015 2016 2017 2015 2016 2017 OPERATING INCOME* EBITDAS* NET INCOME* (million dollars) (million dollars) (million dollars) * Before non recurring charges * Before non recurring charges * Before non recurring charges 2,640 2,500 2,312 130 100 1,312 84 1,121 631 489 2015 2016 2017 2015 2016 2017 PRO FORMA 2017 2015 2016 2017 INDUSTRIAL CAPITAL EXPENDITURE NET DEBT EQUITY (million dollars) (million dollars) (million dollars) 2 0 1 7 ANNUAL REPORT 3 MESSAGES FROM THE CHAIRMAN AND THE CEO GOVERNANCE When we embarked on our Financial Restructuring process at the beginning of 2017, we knew we were undertaking a necessary but very complicated task that would determine the future of our company. Reducing the debt and related interest costs to align them with current market conditions was a critical step to secure the future of our Group and enable us to compete and grow as market conditions improved. I am delighted to report that this Financial Restructuring, with both the Chapter 11 process in the US and the Safeguard process in France, has allowed CGG to achieve these goals and we are now able to fully focus on the challenges of doing business. The complexity of what has been undertaken over the last few months has been enormous and we have achieved this in less than one year. On February 21, 2018, after fi nalizing the CHAIRMAN implementation of our fi nancial restructuring plan and the payment and issues of new shares, Rémi Dorval CGG emerged from its fi nancial restructuring and the Chapter 11 process. As demonstrated by our 2017 fi nancial results, our fi nancial restructuring was achieved with minimum disruption to our business and day-to-day operations as our people continued to deliver the highest standards of quality, service, and operational and technical excellence in market conditions that remained challenging. We knew we were undertaking a necessary but very complicated task that would “ determine the future of our company” The oil services industry has experienced an unprecedented crisis. Business volumes collapsed and were divided by nearly four in under three years. Like our competitors, CGG has felt the full force of this crisis, the deepest and longest our industry has ever known. Faced with this situation, the Group was quick to react and launched an ambitious industrial transformation plan at the end of 2013 which we completed in 2017. This plan enabled us to adapt to market conditions and also reposition our activity portfolio. In 2017 our Geology, Geophysics & Reservoir activity represented 62% of the Group’s overall activity while our equipment activity represented 16% and our data acquisition activity 22%. During the year, while our corporate teams focused on completing the CGG Group’s fi nancial restructuring, our operating teams served our clients with their usual professionalism and commitment while continuing with their efforts to expand our business. As a result, in 2017 the CGG Group CEO registered growth in both its revenue (1.320 billion USD), up by 10% over the previous year, Jean-Georges and in its EBITDA (373 million USD), up by 14%. Malcor The CGG Group has started 2018 with a repositioned portfolio of activities and a balance sheet that puts it in a sound fi nancial position. Our worldwide teams are fully mobilized to serve our clients. The Group can now focus fully on its activities and growth to make the most of the future market recovery. In 2017, the CGG Group registered growth in both 4 2 0 1 7 ANNUAL REPORT “ its revenue and EBITDA” C-COM / E-COM MANAGEMENT CORPORATE COMMITTEE CHIEF CHIEF CHIEF CHIEF EXECUTIVE OPERATING OPERATING FINANCIAL OFFICER OFFICER OFFICER OFFICER Jean-Georges Sophie Pascal Stéphane-Paul Malcor Zurquiyah Rouiller Frydman EXECUTIVE COMMITTEE GENERAL MARINE DATA GEOMARKETS, HUMAN SECRETARY ACQUISITION SALES & MARKETING RESOURCES AND GROUP COMMUNICATIONS The E-Com is formed by Béatrice Eva Christophe Jérôme the Corporate Committee Place-Faget Rudin Barnini Denigot and the EVPs of the Business Lines and Group Functions. The E-Com meets monthly and acts as a support structure for the C-Com. Its principal function is to serve as the Group's platform for R&D AND GOE, INTERNAL SUBSURFACE MULTI-CLIENT discussion and proposals TECHNOLOGY AUDIT, RISK MANAGEMENT, IMAGING & NEW VENTURES HSE AND SD between the Business Dom Olivier Colin Luc Lines and the Group Pham Gouirand Murdoch Schlumberger Functions. It also serves as the validating body for all projects and decisions with cross-division or cross-function impact. 2 0 1 7 ANNUAL REPORT 5 WE DELIVER UNIQUE GEOSCIENCE INSIGHT ACTIVITIES Equipment Established leader in geophysical equipment. Founded over 50 years ago, Sercel designs, manufactures and supports a full range of onshore, offshore and downhole products. Subsurface Imaging Exceptional people, remarkable technology and outstanding service. Industry-recognized technical leaders in advanced imaging, we exceed our clients’ expectations to resolve their challenges. 6 2 0 1 7 ANNUAL REPORT Consulting Data Acquisition Recognized leader in geoscience consulting High-end geophysical data acquisition services. services and studies. Trusted by our clients to acquire the best data We support our clients for all their with our marine, land and airborne operations. geochemical, geospatial, sedimentalogical, stratigraphic, geomechanical, reservoir engineering, petroleum economics and data management needs. Our Offer Multi-Client Data Software The right data in the right place, at the right time. A unique portfolio for reducing risks An extensive multi-client library offering the and optimizing production. industry’s most technically advanced seismic images and rich geological and geospatial data in Our powerful reservoir the world’s key locations. characterization work ows span all disciplines and stages in the E&P cycle. 2 0 1 7 ANNUAL REPORT 7 WHERE WE ARE FINANCIAL RESTRUCTURING CGG had to take action due to the level of debt on our company balance sheet no longer being sustainable. From the agreement-in-principle we struck with our key fi nancial stakeholders after several months of discussions to the fi nal completion on February 21st 2018, we had to go through many validation steps with all our stakeholders. Given the dual legal process we faced in both France and the US, moving forward with the implementation of our fi nancial restructuring plan was a real challenge. We commenced the Safeguard proceedings in France on June 12 and fi led for recognition of the U.S. Chapter 11 proceedings under the Companies’ Creditors Arrangement Act in Canada. The Safeguard and Chapter 11 proceedings are legal processes designed specifi cally to help companies make a recovery and be successful. JUN 14TH JUN 2ND AGREEMENT CHAPTER 11 IN PRINCIPLE LAUNCHED WITH MAJORITY OF FRENCH LENDERS & ONE JUL 28TH MAY 12TH CREDITORS’ SHAREHOLDER FAVORABLE FINANCIAL VOTE PROPOSAL DELIVERED FRENCH SAFEGUARD PROCESS SUBSCRIPTION JUN 14TH LAUNCHED JUL 7TH COMMITMENT BY CREDITORS 8 2 0 1 7 ANNUAL REPORT DEC 21ST US CHAPTER 15 NOV 13TH SHAREHOLDERS’ HEARING ST EGM APPROVAL 2018 FEB 21 COMPLETION OF OCT 1ST THE FINANCIAL US RESTRUCTURING CREDITORS’ FAVORABLE VOTE FAVORABLE VOTE €112 M CAPITAL DEC 1ST BY FRENCH COURT INCREASE 2018 FEB 9TH COMPLETED ON 2018, FEBRUARY 21ST GROUP INTEGRITY MAINTAINED PROFORMA 2017/12/31 NET DEBT AT $ 631M PROFORMA 2017/12/31 LIQUIDITY AT $ 575M 2 0 1 7 ANNUAL REPORT 9 2017 HIGHLIGHTS 40 LOCATIONS WORLDWIDE 10 ANNUAL REPORT 2 0 1 7 USA CGG launches JumpStart™ multi-client geoscience programs designed to accelerate industry understanding of petroleum systems and support exploration efforts. GULF OF MEXICO CGG delivers the fi nal products from its vast 38,000 sq km Encontrado multi-client reprocessing project across the prolifi c Perdido fold belt.
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