CGG - CGG STOCK NEWS

Viridien has scheduled the release of its Fourth Quarter and Full Year 2024 financial results for Thursday, February 27, 2025, after market close. The company will publish the press release and presentation on their website at 5:45 pm (CET). An English-language analysts conference call will follow at 6:00 pm (CET). Interested participants can register to receive dial-in details or join via webcast. A replay of the conference call will be available on the company's website for 12 months following the event.

Viridien has released its monthly voting rights and shares report as of January 31, 2025, in accordance with French regulatory requirements. The company reports a total of 7,161,465 issued shares with 7,186,734 actual voting rights and 7,186,983 theoretical voting rights.

The difference in voting rights is due to the company's share structure, where registered shares held for more than two years benefit from double voting rights, while treasury shares are excluded from voting rights. The theoretical voting rights calculation includes all shares, including treasury shares, as per Article 223-11 of the French Financial Markets Authority regulations.

Viridien has secured a three-year contract from Petroleum Development Oman (PDO) to provide advanced land seismic imaging services at its dedicated processing center in Muscat, Oman. The contract extends an existing partnership between the companies.

The Muscat center, Viridien's largest dedicated processing center globally, will deploy proprietary algorithms to enhance PDO's seismic data quality. The project will address challenges including complex near-surface conditions and strong multiples through high-resolution velocity model building and elastic full-waveform inversion.

The scope includes managing increased data density, developing land 4D monitoring, and strengthening synergies between seismic imaging and reservoir characterization. Viridien's HPC & Cloud Solutions team will provide high-performance computing capacity to support advanced workflows. The company maintains its commitment to In-Country Value initiatives in Oman, focusing on talent development and education through university partnerships.

Viridien reported its full-year 2024 financial update, achieving revenue and EBITDA slightly above $1,100 million and $430 million respectively, in line with guidance. The company generated net cash flow of approximately $50 million, significantly exceeding its initial target of $30 million, while reducing net debt to around $930 million.

Key achievements include doubling their bond buyback commitment to $60 million, receiving an improved credit rating from S&P to B-, and extending their revolving credit facility until October 2026. The strong performance was driven by the Data, Digital & Energy Transition (DDE) segment, particularly in Geoscience activities and the Laconia project in the Gulf of Mexico.

The company reaffirmed its 2025 target of generating approximately $100 million in net cash flow, supported by strong Geoscience activity, project pipeline, and benefits from the Sensing & Monitoring restructuring. Full audited results will be announced on February 27, 2025.

Viridien has released its monthly disclosure of voting rights and shares as of December 31, 2024, in compliance with French regulatory requirements. The company reported 7,161,465 total issued shares, with 7,186,772 actual voting rights and 7,187,021 theoretical voting rights.

The company's shares maintain equal voting rights, with two exceptions: treasury shares carry no voting rights, and registered shares held for over two years benefit from double voting rights. The theoretical voting rights calculation includes all shares, including treasury shares, as per Article 223-11 of the French Financial Markets Authority regulations.

Viridien announced changes to its governance structure, with the temporary unification of Chairman and CEO roles under Sophie ZURQUIYAH, effective April 30, 2025. Philippe SALLE will transition from his current Chairman position to become Lead Director and Vice-Chairman, subject to mandate renewal at the April 2025 General Meeting. This unified governance structure will remain in place until the 2026 General Meeting.

The reorganization comes as the company completes its transformation strategy, aiming for more agile governance aligned with its ambitions. ZURQUIYAH, who has served as CEO since 2018, will assume the combined role for a transitional period. The Board is already planning to restore separate governance positions in 2026.

Viridien, a French company, has disclosed its voting rights and share information as of November 30, 2024. The company reports 7,161,465 total issued shares, with 7,186,756 actual voting rights and 7,187,005 theoretical voting rights. The difference in voting rights stems from the company's policy where treasury shares have no voting rights, while registered shares held for more than two years possess double voting rights. This disclosure is made in compliance with French Commercial Code and AMF regulations.

As of October 31, 2024, Viridien reports its updated share and voting rights information. The company has a total of 7,161,465 issued shares, with 7,187,110 actual voting rights and 7,187,359 theoretical voting rights. The difference in voting rights is due to the company's share structure, where registered shares held for more than two years have double voting rights, while treasury shares have no voting rights. This disclosure is made in compliance with French regulatory requirements.

Viridien announced changes to its Board of Directors. Helen LEE BOUYGUES resigned as Director on September 11, 2024, to pursue new responsibilities. The Board co-opted Amélie OYARZABAL as new independent Director on October 31, 2024, serving until the end of 2027. OYARZABAL joins the Audit & Risk Management Committee and New Businesses and M&A Committee. Sophie ZURQUIYAH will serve as interim Chairman of the New Businesses and M&A Committee. OYARZABAL brings 25 years of financial advisory experience, including 16 years as Partner at Lazard Frères and current role as Managing Director at Greenhill & Co's French office.