CGG - comment

CGG’s Q123 operating cash flow was in line with our model. Lower than-expected investing cash flows also meant that FCF was positive ($4m) vs -$10m in our model. Management reiterated its guidance for the year, which supports our forecast for net cash flow in 2023. The order book is rising, underlining our projection for revenue of $1.2bn for 2023, albeit with some quarterly volatility depending on order timing. We will update our model and provide more detail in the coming days.