CGG - CGG STOCK NEWS

CGG has disclosed its voting rights and share details as of November 30, 2021.

A total of 711,663,027 shares were issued, with 712,358,100 actual voting rights and 712,383,096 theoretical voting rights calculated. All shares possess equal voting rights, barring treasury shares, which lack voting rights, and registered shares held for over two years that enjoy double voting rights.

CGG has launched a new GeoVerse™ Carbon Storage screening study aimed at aiding CCUS operators in identifying viable CO₂ storage sites. This comprehensive study covers potential carbon storage plays within the Northern North Sea, utilizing CGG’s North Viking Graben 3D seismic dataset across both UK and Norwegian waters. CEO Sophie Zurquiyah emphasized that this product leverages CGG’s extensive geoscience and data science expertise, contributing to energy transition efforts and expanding the company's offerings in geothermal resource assessment and carbon sequestration.

CGG, along with partners TGS and BGP, has commenced the acquisition of the Suriname 3D Phase 1 project, covering 11,100 square kilometers of new 3D seismic data and 3,000 square kilometers of reprocessed data. This survey targets the Upper Cretaceous channel systems adjacent to Block 58. The BGP Prospector will undertake the acquisition, with data processing conducted at CGG's Houston center using advanced imaging workflows. Early products are expected by April 2022, with final products available by November 2022. The initiative is supported by industry funding.

CGG has licensed its Northern Viking Graben multi-client seismic data to Northern Lights JV DA for CO₂ storage projects in the North Sea. This marks a significant step in the CO₂ storage market, as Northern Lights operates the first industry-scale CO₂ transport and storage initiative. CGG aims to expand its data library to assist in identifying and securing subsurface storage sites and monitoring solutions. The initiative supports the transition to net zero emissions in Europe.

CGG, a French société anonyme, has reported its share capital of €7,116,622 and detailed the voting rights associated with its shares. As of October 31, 2021, the total number of issued shares is 711,662,679, with actual voting rights totaling 712,359,441 and theoretical voting rights at 712,384,437. All shares carry equal voting rights, except treasury shares, which do not have any, while registered shares held for over two years possess double voting rights.

CGG reported a strong Q3 2021 performance with segment revenue soaring by 35% year-on-year to $270 million, while segment EBITDAs more than doubled to $118 million. The Geoscience segment maintained stable revenue at $77 million, while Multi-Client and Equipment segments experienced substantial increases, with sales up 26% and 105% respectively. Despite a group net loss of $(17) million, cash liquidity improved to $240 million. The company continues to leverage its technological advancements to capture new growth opportunities amidst a strengthening demand environment.

CGG, PGS, and TGS have launched Versal, a groundbreaking unified ecosystem for accessing seismic data from multiple vendors. Announced on October 28, 2021, this cloud-based platform provides clients access to over 70% of the seismic multi-client market via a single login. The initiative aims to streamline workflows, enhancing data accessibility for exploration and production teams. Company leaders from CGG, PGS, and TGS express confidence that Versal will transform workflows and improve decision-making efficiency for energy companies.

CGG will announce its Q3 2021 financial results on November 3, after market close. The company plans to publish its quarterly financial communication at 5:45 PM CET and hold a management conference call at 6:30 PM CET on the same day. Interested parties can access the conference call via audio webcast on the company's website. A replay will be available for 12 months. CGG is a leading global geoscience technology provider, employing approximately 3,700 people worldwide, delivering various data and solutions for resource and environmental challenges.

CGG, in collaboration with TGS and BGP, has signed a multi-client agreement with Staatsolie for seismic programs in offshore Suriname, announced on October 20, 2021. This initiative will involve acquiring new 3D seismic data and reprocessing existing data in the region's shallow water acreage, which includes newly awarded blocks and additional open acreage. The new data aims to enhance understanding of the area's potential, particularly following recent discoveries in block 58. Initial data acquisition is set to begin in Q4 2021, with results expected in H1 2022.