CGG - CGG STOCK NEWS

CGG has released key information regarding its share capital and voting rights as of May 31, 2021. The total number of issued shares stands at 711,394,753, with actual voting rights totaling 711,667,135 and theoretical voting rights at 711,692,131. It is important to note that all shares have equal voting rights except for treasury shares, which lack voting rights, and registered shares held for over two years, which enjoy double voting rights. This disclosure complies with French Commercial Code regulations.

CGG has launched the GPR300, a new seabed nodal seismic acquisition solution designed for shallow waters up to 300 meters deep. This innovative product was developed in collaboration with BGP and enhances Sercel's GPR^NT range, which includes the GPR1500 for deepwater applications. Featuring QuietSeis® technology, it offers superior performance and high-fidelity low-frequency signal recording, essential for advanced seismic imaging. The GPR300 addresses rising industry demand for quality data, positioning CGG as a leader in comprehensive seismic solutions.

CGG announced its Q1 2021 results, highlighting a positive net cash flow of $28 million amidst a seasonal soft quarter. The company achieved $209 million in revenue, but faced a 21% year-on-year decline. Equipment performance remained solid, driven by land equipment deliveries. Successful debt refinancing of $1.2 billion improved capital structure, lowering the cost of debt and extending maturities to 2027. CGG confirmed its financial objectives for 2021, supported by improving market conditions, particularly with oil prices above $60 per barrel.

CGG has secured a significant contract from Equinor for a 3D ocean bottom node (OBN) seismic imaging project in Brazil's Santos Basin, covering an area of 409 sq km. The project aims to deliver a fully imaged dataset within ten months from survey completion in May 2021. Utilizing advanced proprietary technologies, CGG will enhance subsurface imaging, aiding in accurate geological interpretations and future drilling strategies. CEO Sophie Zurquiyah emphasized CGG's expertise and long-standing presence in Brazil, reinforcing its leadership in seismic imaging.

CGG, a French société anonyme, has reported its monthly update as of April 30, 2021. The company disclosed that it has a total of 711,394,621 shares in circulation and 711,685,064 theoretical voting rights. This report complies with Article 223-16 of the General Regulation of the French market authority, which mandates such disclosures.

CGG has introduced SeaScope, an innovative pollution monitoring solution, enhancing its portfolio for environmental applications. This tool utilizes remote sensing, machine learning, and high-performance computing to provide critical sea surface slick intelligence for various industries. SeaScope aids energy companies in monitoring offshore assets, establishing water baselines, and detecting pollution incidents, thereby supporting environmental responsibility. Developed with the European Space Agency, SeaScope was successfully demonstrated in the North Sea and Gulf of Mexico, promising scalable remote monitoring across global assets.

CGG announced that Sercel and Low Impact Seismic Sources (LISS) have commenced exclusive negotiations for LISS's acquisition by Sercel. This acquisition focuses on the TPS (Tuned Pulse Source), enhancing marine seismic capabilities with low-frequency outputs. The TPS solution improves quantitative interpretations, promotes deeper explorations, and minimizes environmental impact. Shell supports further in-sea testing and aims to conduct a commercial survey using the TPS later in the year. Sercel's CEO highlighted LISS's contribution to their existing seismic product portfolio.

CGG has announced the delivery of fast-track data from its Agata Reimaging program over 9,300 sq km in Brazil's Santos Basin, a key area for oil and gas exploration. This advanced seismic data will aid companies in evaluating the potential of the Agata block ahead of Brazil's 7th Production Sharing Bidding Round. The program enhances imaging quality using the latest technologies, with Phase I data available in May and Phase II expected in August 2021. The initiative aims to support industry decision-making and improve exploration outcomes in this challenging geological area.

CGG will hold a Combined General Meeting on May 12, 2021, at 10:30 a.m. Paris time, conducted virtually due to the COVID-19 crisis. Shareholders can participate remotely and must vote by mail or electronically prior to the meeting. CGG will also release its first quarter 2021 results on the same day, before the Paris stock exchange opens. An analyst conference call will follow at 8:00 a.m. Paris time, with all information accessible on CGG's website.