CGG - CGG STOCK NEWS

CGG released information detailing its total voting rights and shares as of September 30, 2021. The company has a total of 711,662,205 issued shares, with 712,328,962 actual voting rights and 712,353,958 theoretical voting rights. All issued shares carry the same voting rights, except treasury shares, which do not have voting rights. The press release adheres to Article L. 233-8 II of the French Commercial Code and Article 223-16 of the General Regulation of the French market authority (AMF).

CGG S.A. has successfully finalized the sale of its GeoSoftware business to Topicus.com Inc. and Vela Software for a total cash amount of US$95 million. This transaction became effective on October 1, 2021, following prior announcements. The sale represents a strategic move for CGG, which is recognized as a leader in geoscience technology, employing approximately 3,700 people globally. The company is dedicated to providing a wide range of solutions addressing complex challenges in natural resources and environmental sectors.

CGG has awarded Sercel a significant contract to provide land seismic equipment for a 3D mega-crew survey in North Africa. This contract includes a 508^XT acquisition system featuring 100,000 QuietSeis® digital sensors and a fleet of twenty Nomad 90 Neo broadband vibrator trucks, with equipment delivery expected in Q4 2021. The deal underscores the industry's growing appreciation for low-noise and high-accuracy sensor technology, positioning Sercel as a leader in broadband seismic solutions.

CGG

As of August 31, 2021, CGG reports a total of 711,662,197 shares issued, with 712,328,755 actual voting rights and 712,353,751 theoretical voting rights. Each share carries the same voting rights, save for treasury shares and registered shares held over two years, which receive double voting rights. This information aligns with regulatory requirements under the French Commercial Code and is pertinent for shareholders monitoring voting power dynamics.

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.