CGG - CGG STOCK NEWS

CGG has launched its new HPC & Cloud Solutions business, led by Agnès Boudot, as part of a strategic initiative to capitalize on growth opportunities in the HPC and cloud markets. With over 30 years of IT experience, Boudot aims to leverage her expertise in High-Performance Computing to enhance CGG's offerings. This new business will be integrated into the Data, Digital & Energy Transition segment, supporting CGG's commitment to addressing complex challenges in Earth science and beyond.

CGG announced that its subsidiary Sercel has sold a complete marine seismic acquisition system to HJ Shipbuilding & Construction in South Korea. The contract, valued at an undisclosed amount, includes a Seal 428 recording system, Sentinel streamers, a Nautilus positioning system, and G-Source II impulsive sources. The system will equip the R/V TAMHAE3 for the Korea Institute of Geoscience and Mineral Resources (KIGAM) and is set for delivery in the first half of 2023. Sercel's technology promises high-resolution data acquisition, enhancing its leadership in marine seismic solutions.

CGG, a French société anonyme, reports significant shareholder data as of May 31, 2022. The company has a total of 711,791,567 issued shares and 712,535,757 actual voting rights. The total number of theoretical voting rights stands at 712,560,753. Notably, all shares possess identical voting rights, except treasury shares which hold no voting rights and registered shares held for over two years, which enjoy double voting rights. This information complies with the French Commercial Code and AMF regulations.

CGG announced the acquisition of Geocomp Corporation, enhancing its Sercel division's capabilities in geotechnical risk management and infrastructure monitoring. Founded over 40 years ago, Geocomp has a strong reputation in the U.S. market, employing 120 professionals. This strategic move aims to accelerate Sercel's S-lynks and S-scan solutions deployment, tapping into the growing infrastructure sector. Both companies' complementary technologies are expected to address significant infrastructure challenges, boosting CGG's position in the fast-evolving market.

CGG has announced an expanded five-year Geovation software licensing agreement with Petrobras. The new agreement enhances access to advanced seismic imaging technologies, including full-waveform inversion, providing significant improvements in imaging capabilities for Petrobras geoscientists. CGG's EVP, Peter Whiting, highlighted the strong partnership built over 60 years and the efficiency of their subsurface imaging technology. The agreement also includes expert training for new users, facilitating rapid software adoption.

CGG held its Combined General Meeting on May 5, 2022, in Paris, presided by Chairman Philippe SALLE. Key resolutions adopted included the approval of statutory and consolidated financial statements for 2021, director remuneration, and share trading authorizations. Sophie ZURQUIYAH's term as CEO was renewed for four years, maintaining the board's independence with 87.5% independent directors and 62.5% women. The Board confirmed the separation of Chairman and CEO roles, ensuring strong governance moving forward.

CGG reported its Q1 2022 results, highlighting a net cash flow of $68 million and an increase in Geoscience revenue by 36%. Overall revenues reached $175 million, reflecting a 28% year-on-year decline. Despite a 70% drop in the Sensing and Monitoring segment, the company anticipates a recovery due to rising demand and increased commercial activity. Operating income showed a $11 million profit, with net loss narrowing to $19 million. CGG confirmed its 2022 financial objectives amid an improving market landscape.

CGG reported significant shareholder information as of April 30, 2022. The total number of issued shares stands at 711,791,401, while the number of actual voting rights is 712,444,227. The theoretical voting rights amount to 712,469,223. All shares possess equal voting rights, excluding treasury shares which lack voting rights. Shares held for over two years are entitled to double voting rights. This disclosure aligns with the French Commercial Code and the General Regulation of the AMF.

CGG has successfully completed the sale and leaseback of its headquarters building, Galileo, located in Massy, France. The transaction amounts to €59,250,000. This strategic move aims to enhance financial flexibility while maintaining operational control over the property. CGG, a leader in data and Earth science solutions, employs around 3,300 people globally and focuses on responsible and sustainable resource management.