CGG - CGG STOCK NEWS

CGG has scheduled a Combined General Meeting on May 5, 2022, at 10:30 AM, to be held at the Centre d'Affaires Paris Trocadéro. The meeting will address the agenda, draft resolutions, and voting procedures. Relevant documents were published in the Bulletin des Annonces Légales Obligatoires and will be available to shareholders according to applicable laws. For further details, shareholders can access preparatory documents on the company's official website.

CGG has announced a significant expansion of its high-performance computing (HPC) capabilities with a new hub in Southeast England, expected to be operational in H1 2023. This facility will enhance its cloud HPC capacity by up to 100 petaflops and support advanced subsurface imaging technology. Committed to green energy, the hub will operate on 100% renewable energy and aims to reduce GHG emissions as part of its carbon-neutral pledge by 2050. This initiative aligns with CGG's strategy of leadership in specialized digital sciences and HPC services for various industries.

CGG has reported its share capital of €7,117,912 as of March 31, 2022. The firm has issued a total of 711,791,271 shares. It holds 712,436,969 actual voting rights and 712,461,965 theoretical voting rights. The voting rights structure stipulates that all shares possess equal voting power, barring treasury shares which lack any voting rights. Furthermore, shares held over two years can have double voting rights. This information is subject to French commercial regulations.

CGG has partnered with Kent to enhance global decarbonization through carbon capture, utilization, and storage (CCUS) and hydrogen production. The collaboration aims to provide comprehensive, end-to-end services for energy and industrial sectors, from project initiation to long-term monitoring. With over 15 years of experience in CCUS, CGG will leverage its extensive Earth Data library, while Kent contributes its engineering expertise. Together, they plan to accelerate the energy transition, ensuring clients meet their net-zero targets.

CGG has secured a new contract for a two-part Ocean Bottom Node (OBN) seismic imaging project by PXGEO in the Sapinhoá Shared Reservoir, Santos Basin, Brazil. This initiative aims to enhance geological insight, aiding Petrobras in oil recovery and production management. The project builds on CGG's strong record in pre-salt OBN projects. Processing of the baseline survey, covering 575 sq km, is underway at CGG’s Rio de Janeiro center, utilizing advanced imaging technologies. A follow-up 4D monitor survey is planned for 2023, further strengthening CGG's capabilities in this challenging field.

CGG has filed its 2021 Universal Registration Document with the French Financial Markets Authority on March 11, 2022. This document includes the annual financial report, the Board of Directors' report on corporate governance, details of the share buyback program, and the management report with non-financial performance metrics. The document is accessible publicly and on CGG's official website under the 'Investors' section, showcasing its commitment to transparency.

CGG announces its voting rights and shares information as of February 28, 2022. The total number of issued shares stands at 711,788,233, while the actual voting rights are 712,431,411 and theoretical voting rights are 712,456,407. All shares maintain equal voting rights, with exceptions for treasury shares (no voting rights) and registered shares held for over two years (double voting rights).

CGG reported strong Q4 2021 results, with revenue of $471M and an EBITDA margin of 51%. The Geoscience and Multi-Client segments saw year-on-year growth of 24% and 13%, respectively. Despite a net loss of $28M, the company expects 2022 revenue to grow by 10%, driven by a recovery in the E&P sector. Investments in new technologies aim to diversify revenue, with Beyond the Core businesses projected to generate over 20% of total revenue by 2025. Liquidity stood at $419M, with a significant focus on carbon neutrality and technology enhancements.

CGG will announce its Q4 2021 financial results on March 3, 2022, after market close. The press release and slide presentation will be available on the CGG website at 5:45 PM CET. An analysts conference call is scheduled for the same day at 6:30 PM CET, accessible via audio webcast. The company employs around 3,300 people worldwide and specializes in geoscience technology, supporting clients in addressing natural resource challenges.