CGG - CGG STOCK NEWS

CGG has reported its total number of issued shares and voting rights as of July 31, 2021. The company has a total of 711,661,905 issued shares. The actual number of voting rights stands at 711,944,595, while the theoretical voting rights total 711,969,591. All issued shares carry equal voting rights, with treasury shares excluded from voting. This information is provided in compliance with Article L. 233-8 II of the French Commercial Code.

CGG has entered an agreement to sell its GeoSoftware business to Topicus.com and Vela Software. The deal entails Topicus acquiring a 60% interest and Vela a 40% interest in GeoSoftware. The transaction is subject to mutually agreed closing conditions. CGG's CEO stated that Topicus and Vela are well-positioned to enhance the GeoSoftware product suite, promising growth and continued success for the company. This strategic move aligns with CGG's focus on enhancing operational efficiency and fostering long-term relationships.

CGG has released its interim financial report for the period ending June 30, 2021, filed with the Autorité des Marchés Financiers (AMF). The report is accessible on CGG's website under the Investors section. CGG is a prominent global geoscience technology leader, employing approximately 3,700 people worldwide and offering a diverse range of data and services aimed at addressing complex challenges in natural resources, environment, and infrastructure.

CGG reported Q2 2021 non-audited results with revenue of $172 million, down 28% YoY, influenced by delays in customer spending, particularly in the Multi-client segment. Despite a recovery in oil prices, operational earnings (EBITDAs) fell 39% to $42 million. The company anticipates a gradual recovery in Geoscience activities and expects 25% growth in Equipment sales year-on-year. Net loss for the quarter stood at $(51) million. The company is progressing with asset monetization and expects improved cash flow by year-end.

CGG and PGS have entered a Memorandum of Understanding (MoU) aimed at enhancing their seismic multi-client capabilities within the Carbon Capture Utilization and Storage (CCUS) sector. This collaboration seeks to maximize the potential of existing seismic data for evaluating carbon storage sites. Both companies aim to leverage their expertise in delivering high-end seismic products to support energy transition initiatives, including CCUS, hydrogen, and geothermal energy.

CGG announced the first significant sale of its GPR300 seabed nodal solution to BGP Inc.. The deal involves 18,000 nodes for a large-scale operation in the Middle East, scheduled for deployment in Q4 2021. The GPR300 is designed for seismic acquisition in shallow waters, featuring the advanced QuietSeis® sensor for high-fidelity data. BGP Managing Director highlighted Sercel's technology as superior, ensuring enhanced imaging resolution. Emmanuelle Dubu, Sercel CEO, emphasized the competitive edge of the GPR300's broadband digital sensor.

CGG reports a Q2 2021 segment revenue estimate of approximately $158 million, with Geoscience expected at $73 million, Multi-Client at $37 million, and Equipment at $48 million. The group backlog increased by 4% to $360 million year-on-year. Full year revenue forecast remains flat, with EBITDA around $310 million due to slow recovery in Multi-Client sales. However, CGG expects positive net cash flow in 2021, supported by asset sales and increased spending going into 2022.

CGG provided an update on its share capital and voting rights as of June 30, 2021. The company has a total issued share count of 711,661,841 shares, with actual voting rights totaling 711,935,134. The theoretical voting rights stand at 711,960,130. All shares possess equal voting rights except for treasury shares, which are non-voting, and registered shares held for over two years that have double voting rights. This information is in compliance with French regulations pertaining to corporate governance.

CGG successfully completed the sale of its Multi-Physics business (excluding processing and multi-client library) to Xcalibur Group, effective July 1, 2021. This transaction followed the necessary regulatory approvals. The divestment aims to streamline CGG's operations and focus on core geoscience technologies. CGG continues to operate globally with approximately 3,700 employees, providing a range of data, products, and services to tackle natural resource and infrastructure challenges.