CGG - CGG STOCK NEWS

CGG announced the sale of its US land seismic multi-client library to Bon Ton Seismic LLC for $63 million. This library covers approximately 20,000 square miles (about 52,000 km²) of 3D seismic data. CEO Sophie Zurquiyah stated that this divestment is part of CGG's ongoing business portfolio management initiated in 2018. The company plans to focus on offshore hydrocarbon basins, CCUS, minerals and mining, and digital solutions with its Earth Data segment.

CGG announced the total number of issued shares and voting rights as of November 30, 2022. The company has 712,357,321 shares issued, with a total of 714,184,357 actual voting rights and 714,209,353 theoretical voting rights. All shares carry the same voting rights, except for treasury shares without voting rights and registered shares held for more than two years, which have double voting rights. This report complies with the French Commercial Code and AMF regulations.

CGG has launched a new multi-client data project in Southeast Arizona aimed at enhancing exploration in the mining sector. The project, backed by industry funding, will utilize CGG’s GeoVerse™ platform and is set to begin immediately, with final products expected soon. The initiative involves acquiring over 270,000 line-kilometers of airborne data integrated with existing satellite and geological data, creating a comprehensive dataset for improved exploration methods.

CGG has secured a multi-year contract extension with Brunei Shell Petroleum Company (BSP) to operate a dedicated seismic imaging center in Seria, Brunei. This renewal, reflecting six years of technical excellence, emphasizes BSP's trust in CGG's imaging team and advanced technology. The in-house team will continue utilizing proprietary technologies to address regional challenges, including gas clouds and complex fault structures. CGG's workforce stands at around 3,300 employees, and it is publicly traded on the Euronext Paris.

CGG reported its total number of issued shares as of October 31, 2022, standing at 712,357,321. The company has 714,183,703 actual voting rights, and 714,208,699 theoretical voting rights, highlighting the impact of treasury shares and double voting rights for certain registered shares. This information complies with Article L. 233-8 II of the French Commercial Code and the AMF regulations.

CGG reported a soft Q3 2022, with revenues of $255 million and segment revenues down 20% year-on-year to $217 million. However, 2022 segment revenue is projected around $900 million, stable year-on-year. The EBITDAs for the year are expected to be around $380 million, up 10%. There was a significant improvement in net loss, which decreased to $(2) million from $(16) million last year. Despite project shifts affecting segments like Sensing and Monitoring, anticipated growth in Earth Data sales could lead to a strong Q4. Liquidity stood at $325 million, with net debt reduced to $889 million.

CGG is set to announce its third quarter 2022 financial results on November 2, 2022, after market close. The press release and presentation will be available on its website at www.cgg.com at 5:45 PM CET. An analysts conference call will follow at 6:30 PM CET. Note that CGG has switched to a new conference call provider, and participants need to register to receive the dial-in information or join via a webcast. A conference call replay will be accessible for 12 months on the company's website.

CGG announced its total number of shares and voting rights as of September 30, 2022. The company has issued 712,357,321 shares, resulting in 714,189,092 actual voting rights and 714,214,088 theoretical voting rights.

All shares have uniform voting rights, except treasury shares and registered shares held for over two years, which receive double voting rights. This update complies with the French Financial Markets Authority regulations.