CGG Changes Name to Viridien

Rhea-AI Summary

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.

Positive

• Shareholders approved the name change to Viridien, showing strong support for the new branding strategy.
• The rebranding aims to position the company for accelerated growth in advanced technology, digital, and earth data sectors.
• Viridien will launch the new brand at a major industry conference, potentially increasing visibility and market interest.
• Expansion into low-carbon markets like Minerals & Mining and CCS aligns with global sustainability trends.
• New market entries in High-Performance Computing (HPC) and Infrastructure Monitoring could diversify revenue streams.

Negative

• No immediate financial data was provided to support the benefits of the rebranding.
• Potential costs associated with the rebranding and marketing campaign could impact short-term financials.
• There may be risks associated with entering new markets, including High-Performance Computing (HPC) and Infrastructure Monitoring, which are highly competitive and capital-intensive sectors.

Paris, France – May 16, 2024

At the Annual General Meeting on May 15, 2024, shareholders approved the resolution to change the company’s corporate name from CGG to Viridien.

Sophie Zurquiyah, CEO, Viridien, said: “Our new name, Viridien, connects our company’s history to our future, confidently positioning us for accelerated growth as an Advanced Technology, Digital and Earth Data Company.”

To further support its growth strategy, the company will launch the new Viridien brand on 10^th June at the upcoming EAGE Annual Conference in Oslo, further strengthening its focus across a portfolio of solutions including the Core businesses of Geoscience, Earth Data and Sensing & Monitoring, as well as new offerings in both the Low Carbon markets of Minerals & Mining and CCS, and markets beyond energy in High-Performance Computing (HPC) and Infrastructure Monitoring.

About Viridien (formerly CGG)

Viridien, (www.cgg.com), is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,500 people worldwide and is currently listed as CGG 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 Changes Name to Viridien

FAQ

What is the new name of CGG?

CGG has changed its name to Viridien as of May 15, 2024.

When will Viridien launch its new brand?

Viridien will launch its new brand on June 10, 2024, at the EAGE Annual Conference in Oslo.

What are the core businesses of Viridien?

Viridien's core businesses include Geoscience, Earth Data, and Sensing & Monitoring.

What new markets is Viridien targeting?

Viridien is targeting new markets including Minerals & Mining, CCS, High-Performance Computing (HPC), and Infrastructure Monitoring.

Who is the CEO of Viridien?

Sophie Zurquiyah is the CEO of Viridien.

Why did CGG change its name to Viridien?

The name change to Viridien is intended to connect the company's history to its future, positioning it for accelerated growth in advanced technology, digital, and earth data sectors.