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CGG (www.cgg.com) is a global technology leader, specializing in providing cutting-edge data, products, services, and solutions in the realms of Earth science, data science, and sensing and monitoring. Headquartered in Paris, France, CGG is renowned for its high-performance computing (HPC) capabilities, supporting clients in efficiently addressing complex challenges across digital transformation, energy transition, natural resource management, environmental sustainability, and infrastructure development.
Employing approximately 3,400 people worldwide, CGG is listed on the Euronext Paris SA (ISIN: 0013181864). The company’s diverse portfolio is designed to deliver robust and reliable solutions tailored to meet the evolving needs of its clientele, ensuring maximum productivity and reduced downtime even in the harshest environments.
In a notable recent development, Sercel, CGG's Sensing & Monitoring division, announced its first major sale of the 528™ cable-based land acquisition system to the Turkish Petroleum International Corporation (TPIC). This advanced system, comprising 8,000 channels, will be deployed in a 3D seismic survey in Turkey’s challenging semi-arid terrain, with the survey slated to commence in Q3 2024. The 528™ system, known for its lightweight and low power consumption, exemplifies Sercel’s commitment to enhancing client ROI through innovative technology.
CGG's recent financial news highlights robust performance with first-quarter 2024 segment financial results showcasing substantial progress. Adjusted for non-recurring charges and gains, the financial statements reflect the company's strategic investments and operational efficiency.
For more details on CGG’s AI Cloud offering and other solutions, visit their official website. Stay updated with the latest news and developments to understand how CGG is shaping the future of technology and sustainability.
CGG has partnered with 2CRSi to introduce a new high-performance computing-as-a-Service (HPCaaS) offering aimed at global HPC clients. This strategic agreement combines CGG's extensive HPC expertise with 2CRSi's energy-efficient server technology, enhancing their service capabilities. The collaboration is expected to accelerate CGG's expansion of its HPCaaS and allows 2CRSi to reach new markets with its eco-friendly servers. Both companies have a history of mutual support in the energy sector, and this partnership represents a significant step forward in delivering advanced HPC solutions.
CGG anticipates Q4 2022 segment revenue at approximately $321 million, an 8% year-on-year increase, supported by strong sales in Earth Data and equipment deliveries. Full year 2022 revenue is projected at $931 million, up 3%. Q4 net cash flow is expected around $61 million, bolstering cash liquidity to $298 million. However, Geoscience segment revenue is forecasted to decline 22% year-on-year. CGG will release its full year results on March 2, 2023.
CGG has launched a new 3D seismic reimaging project in the Foz do Amazonas basin, supporting Brazil's Permanent Offer initiative. Funded by industry partners, the project aims to merge over 7700 km² of existing seismic data, with fast-track products expected by June 2023 and full completion by the end of 2023. The region is strategically important due to its geological features and proximity to successful areas in West Africa. CGG's advanced imaging technology aims to enhance their extensive data library and unlock the untapped potential of the Equatorial Margin.
CGG has released its total voting rights and shares information as of December 31, 2022. The company holds a total of 712,357,321 issued shares. The actual number of voting rights stands at 714,240,301, while the theoretical voting rights amount to 714,265,297. All shares share the same voting rights except for treasury shares, which have none, and registered shares held for over two years, which have double voting rights. This information complies with Article L. 233-8 II of the French Commercial Code.
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.
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