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On May 17, 2024, Viridien, formerly known as CGG, announced the approval of its name change by shareholders during the Annual General Meeting held on May 15, 2024. Starting May 21, 2024, the company's shares listed on Euronext Paris will trade under the new ticker symbol 'VIRI'. The change marks a significant rebranding effort for the company, aligning with its strategic objectives and market presence. The new ISIN code and Euronext code remain unchanged as FR0013181864.
Viridien, formerly known as CGG, held its Combined General Meeting on May 15, 2024, in Paris, chaired by Philippe Salle. All resolutions were approved, including the 2023 financial statements, appointment of Ernst & Young as statutory auditors, Say on Pay resolutions, financial delegations, and a reverse share split consolidating 100 shares into 1 new share. The company also changed its name to Viridien. The board renewed Helen Lee Bouygues' term and replaced Heidi Petersen with Olivier Jouve as directors, bringing the board to nine members, with 87.5% independent and 50% women. The board established a New Businesses and M&A Committee, updating its internal rules and committee structures.
On May 15, 2024, shareholders approved changing CGG's corporate name to Viridien at the Annual General Meeting. CEO Sophie Zurquiyah stated that the new name connects the company's history to its future, positioning it for accelerated growth in advanced technology, digital, and earth data sectors.
The official brand launch will occur on June 10 at the EAGE Annual Conference in Oslo. Viridien will focus on core businesses like Geoscience, Earth Data, and Sensing & Monitoring, as well as expanding into low-carbon markets such as Minerals & Mining and CCS. Additionally, Viridien aims to enter new markets, including High-Performance Computing (HPC) and Infrastructure Monitoring.
CGG announced its Q1 2024 results, highlighting a strong start to the year with a revenue of $273 million, up 30% year-on-year, and adjusted EBITDAs of $106 million, up 58% year-on-year.
Net cash-flow reached $30 million, and the company reported a group net loss of $3 million, an improvement from last year’s $16 million loss. Segment revenues showed notable growth across Geoscience ($88 million), Earth Data ($97 million), and Sensing & Monitoring ($89 million).
CGG also benefited from a recent credit rating upgrade by S&P Global Ratings. Despite some financial pressures, such as $16 million in fees from contractual vessel commitments, CGG has reaffirmed its 2024 financial targets.
CGG has launched an AI Cloud solution powered by NVIDIA to optimize AI and HPC workloads for data-intensive industries. The solution combines cutting-edge hardware with a tailored software environment and expert management to enhance client productivity and efficiency.
CGG has announced an alliance with Baker Hughes to offer carbon capture & storage solutions, aiming to support the rapid increase of CCS projects worldwide. The collaboration intends to provide high-quality end-to-end solutions for screening, selecting, characterizing, and monitoring potential carbon storage sites. By combining expertise and technologies, the alliance aims to provide efficient and cost-effective solutions for operators.
CGG, a French company, disclosed the total number of voting rights and shares as of April 30, 2024. The total number of issued shares is 713,676,258, with 715,923,854 actual voting rights and 715,948,850 theoretical voting rights. The company's shares have equal voting rights, excluding treasury shares and those held for over two years, which have double voting rights.
