CGG - 4Q15 RESULTS
​CCG, a listed global player in the geophysical and geological industry, reported 4Q15 results above our expectations. Revenue was down by 35% yoy to $589m (our estimate $481m), driven by (i) a 47% yoy decline in contractual data acquisitions due to very weak market conditions in marine, (ii) a 53% yoy decline in equipment due to weak demand from the marine market and the absence of the Q4 seasonal rebound that did not take place this year, and (iii) a 21% yoy decline in the geology, geophysics and reservoir (GGR) segments.
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