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CGGVeritas Announces 2012 First Quarter Results

Regulatory News:

CGGVeritas (Paris:GA) (NYSE:CGV) announced today its non-audited first quarter 2012 consolidated results. All comparisons are made on a year-on-year basis unless stated otherwise.

Effective January 1, 2012, CGGVeritas changed the presentation currency of its consolidated financial statements from the euro to the U.S. dollar to better reflect the profile of an industry with revenues, costs and cash-flows primarily generated in U.S. dollars.

The 2011 first quarter figures shown in this press release were restated as if the change in the Group presentation currency was effective since the January 1, 2004 (IFRS transition). The 4 th quarter 2011 figures are presented for information purposes only. They correspond to the conversion into USD of the 2011 accounts provided in Euros as released last February. In the context of our new presentation of cash indicators, 2011 first and fourth quarter EBITDAs and multi-client Capex figures were restated.

First Quarter 2012 Key Figures

   
First Quarter First Quarter
In million $   2012   2011*
Revenue   787   729
EBITDAs   212   156
Operating Income   54   23
Net Income   -3   -37
Cash Flow from Operations   193   198
Free Cash Flow   -7   65
Backlog   1 565   1 218
 

*Restated figures

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