CGG Veritas Q1

Operating revenues €648.5 million (+11%)
Net cash provided by operating activity €93.4 million (-47%)
Operating income 100.3 (-19%)
Net income €54.0 million (-16%)
EPS €0.35 (-23%)

Balance sheet

Assets
Current €1,609.3 million
Total €5,691.4 million (goodwill 2,157.5 million)

Liabilities
Current €842.1 million
Total €2,515.8 million

Equity €3,133.7 million

Current contract backlog €1.4 billion

P/E 4.74, P/B 0.51


Press release and 6-K form(pdf)

CGGVeritas Q4

Revenues 766.8€ million (+27%)

Operating Income 148.2€ million(+13.6%)

Operating margin 19.3%(21.6%)

EPS 0.86€

Balance sheet

Assets
Current 1,728.4€ million
Total 5,634.2€ million(including 2,055.1 million of goodwill)

Liabilities
Current 1,003.2€ million
Total 2635.6€ million

Equity 2,960.1€ mllion

Outlook

"We currently expect that E&P spending will be reduced by around 10 to 15% in 2009. Outlook for seismic can be characterized by a softer market with low visibility especially in the second half. We are well prepared to manage these constraints by reducing our cost structure and adjusting our marine capacity.

Current global economic conditions should not lead us to underestimate underlying oil and gas fundamentals, which support the worldwide longer term need to increase reserve replacement rates and the efficiency of reservoir management. In 2009, while addressing carefully the short term uncertainties, we will preserve the ability to develop long term opportunities through technology leadership, the quality of our products and services and the value of the expertise of our personnel."

Q4-report

Wavefield and CGGVeritas tie the knot

CGV is making an all share offer for Wavefield-Inseis ASA. The board of Wavefield supports the bid and shareholders representing 25,33% shares outstanding have accepted the offer.
Personally I think this is good news for the entire seismic sector as competition is tightening with new vessels and streamers entering the market. This merger should loosen the supply side some what.

More on Seismic

The number one in seismic CGG Veritas reports Q3

revenue $1062 million (+28%)

EBIT $265 million (+69%)

EPS $1.14(€0.74)(+65%)

backlog 1900 million (+15%)

Outlook: "Within the context of the current oil supply challenges and the global financial market conditions, CGGVeritas with its high-end seismic equipment and services and its solid financial position is well positioned for the future."

The Report

Presentations by CGG Veritas and Reservoir Exploration Technologies(RXT) from Oil Voice's Advanced Geophysics Forum are available at Oil Voice.
(flash video)

My conclusions from recent reports:
The demand fundamentals for offshore oil service companies are very strong: virtually all seismic companies have record order backlogs, day rates for all types drilling vessels are still high in spite of significant number of newbuilds which already have entered or will enter the market in the near future. Also the drop in oil prices has for now had little effect on service company demand. Interest for offshore E&P licenses remained firm in recent licensing rounds in Indonesia ,Norway and Canada a another positive sign for the future demand.