CGG - CGG STOCK NEWS

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.

CGG has entered a strategic agreement with dCarbonX to assist in assessing subsurface clean energy projects in Ireland and the UK, including geothermal energy and CO₂ storage. This collaboration aims to facilitate the transition from fossil fuels to renewable energy. CGG will leverage its advanced geoscience solutions to evaluate and de-risk these subsurface sites. Both companies are committed to pioneering sustainable energy solutions, with dCarbonX focusing on innovative decarbonization methods. This partnership highlights CGG's dedication to supporting climate initiatives and advancing energy transition technologies.

CGG announces its Combined General Meeting to be held on May 12, 2021, at 10:30 am at its registered office in Massy, France, behind closed doors due to health measures. Shareholders will not be able to attend physically but can vote remotely prior to the meeting. A live audio broadcast will be available on the company's website. The meeting will follow regulations regarding public health and safety, with no new resolutions allowed during the session. Preparatory documents related to the meeting are available online.