CGG: CGG and dCarbonX Sign Strategic Agreement for Decarbonisation Exploration

Rhea-AI Summary

CGG has entered a strategic agreement with dCarbonX to assist in assessing subsurface clean energy projects in Ireland and the UK, including geothermal energy and CO₂ storage. This collaboration aims to facilitate the transition from fossil fuels to renewable energy. CGG will leverage its advanced geoscience solutions to evaluate and de-risk these subsurface sites. Both companies are committed to pioneering sustainable energy solutions, with dCarbonX focusing on innovative decarbonization methods. This partnership highlights CGG's dedication to supporting climate initiatives and advancing energy transition technologies.

Positive

• Strategic partnership with dCarbonX enhances CGG's role in clean energy projects.
• CGG's integrated geoscience solutions will improve assessment and risk mitigation for renewable energy projects.
• Partnership aligns with CGG's commitment to climate and environmental sustainability.

Negative

• None.

CGG and dCarbonX Sign Strategic Agreement for Decarbonisation Exploration

Paris, France – April 22, 2021

CGG has signed a strategic agreement to support dCarbonX in the subsurface assessment of its operated clean energy projects offshore Ireland and the UK (which include geothermal energy and storage sites for CO₂, hydrogen and ammonia). Such projects are critical in the ongoing energy transition from fossil fuels to renewable energy systems.

CGG brings its integrated geoscience solutions to help identify and de-risk subsurface storage, sequestration and geothermal energy sites utilizing its proprietary expertise in geological, geophysical, engineering, modelling and monitoring technologies, including instrumentation from Sercel, its equipment division.

dCarbonX is pioneering offshore decarbonisation exploration as a new, innovative, and sustainable enabler of the energy transition. dCarbonX applies integrated business, geoscientific and well engineering solutions to deliver sustainable subsurface baseload assets, such as green hydrogen storage, carbon sequestration capacity and geothermal energy.

Dr Angus McCoss, co-founder and CTO of dCarbonX said: “We are very pleased to have CGG as a strategic partner on our operated projects offshore Ireland and the UK. Their delivery of high-quality integrated geoscience solutions is well established, and we consider CGG’s innovative deep subsurface capabilities as best-in-class. We look forward to working together to pioneer the development of the services and technologies required for a low-carbon future.”

Peter Whiting, SVP, Geoscience EAME, CGG said: “Our collaboration with dCarbonX, to innovatively support the development of subsurface energy storage, carbon sequestration and geothermal assets focusing on industrial clusters in the Irish Sea and the UK, reinforces CGG’s commitment to the climate and environment. This is consistent with our initiatives to actively participate in the energy transition with the accelerated development and commercialization of CCUS, hydrogen and ammonia storage and geothermal energy.”

About CGG
CGG (www.cgg.com) is a global geoscience technology leader. Employing around 3,700 people worldwide, CGG provides a comprehensive range of data, products, services and solutions that support our clients to more efficiently and responsibly solve complex natural resource, environmental and infrastructure challenges. CGG is listed on the Euronext Paris SA (ISIN: 0013181864).

Contacts

Group Communications & Investor Relations Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: christophe.barnini@cgg.com

Attachment

• CGG - Press Release pdf version

FAQ

What is the significance of CGG's agreement with dCarbonX?

The agreement supports clean energy project assessments and promotes the transition to renewable energy.

What type of projects will CGG be involved in with dCarbonX?

CGG will assist in subsurface assessments for geothermal energy and CO₂ storage projects.

How does CGG plan to support the energy transition?

CGG will utilize its geoscience solutions to enhance the safety and efficiency of clean energy initiatives.

When was the strategic agreement between CGG and dCarbonX announced?

The agreement was announced on April 22, 2021.

What is CGG's role in the decarbonization exploration?

CGG is providing integrated geoscience solutions to support dCarbonX’s offshore clean energy projects.