CGG - CGG STOCK NEWS

CGG announced its Q4 and full year 2020 results, showcasing a challenging year impacted by the oil & gas market collapse. For Q4, revenue was $217 million, with a segment EBITDAs margin of 43%. Full year revenue totaled $886 million, down 35% YoY. Despite a net loss of $100 million in Q4 and $438 million for the year, the company expects a recovery in 2021 with positive net cash flow. Segment backlog as of January 1, 2021, stands at $421 million. CGG aims for carbon neutrality by 2050, highlighting its ongoing investments in geoscience technologies.

CGG reported its monthly share capital update as of February 28, 2021. The company has a share capital of €7,113,935, with a total of 711,393,503 shares outstanding. The number of theoretical voting rights stands at 711,645,969, indicating a minor difference in the voting rights due to share issuance or treasury shares. This information complies with Article 223-16 of the General Regulation of the French market authority.

CGG is set to announce its fourth quarter 2020 results on March 5, 2021, before the Paris stock exchange opens. The press release and slide presentation will be accessible on its website at 7:00 am, followed by an English language conference call at 8:00 am (Paris time). Interested parties can join the audio webcast through CGG's website, and a replay will be available the next day for 12 months. As a global leader in geoscience technology, CGG employs around 3,700 people and offers solutions for natural resource and infrastructure challenges.

CGG has released its monthly update, detailing the number of shares and voting rights as of January 31, 2021. The company reported a total of 711,393,125 shares outstanding and 711,644,442 theoretical voting rights. This information complies with Article 223-16 of the General Regulation of the French market authority. The transparent disclosure of share capital details is crucial for investors and stakeholders to understand the voting power within the company.

CGG challenges attempts to destabilize its safeguard plan. The company denies initiating a publication concerning general meetings of holders of convertible bonds, which was instead done by former representative Jean Gatty. CGG asserts that these bonds have been fully repaid by conversion into shares, rendering the meetings invalid. Furthermore, Gatty has filed appeals against the safeguard plan, but CGG contests his claims. The company plans legal action against these destabilization attempts, including a complaint for slander.

CGG has completed a global geothermal resource study for a major energy client, highlighting the potential for geothermal energy in electricity generation and heating. The study leverages CGG's extensive experience in sedimentary basins and data analytics, resulting in a database of over 700,000 subsurface temperature data points. This initiative underscores the increasing interest in geothermal energy as a reliable baseload power source to complement renewable energy sources like solar and wind. The project aligns with CGG's commitment to facilitating the energy transition towards lower carbon solutions.

CGG has launched a new seismic data reimaging program in the Walker Ridge area of the Gulf of Mexico, covering approximately 300 OCS blocks. This initiative aims to enhance subsurface imaging using advanced technologies. Strong prefunding from industry clients supports the program, which includes Walker Ridge Wide-Azimuth and StagSeis DEUX surveys. Preliminary results indicate improved imaging of difficult geological formations. Final data products are anticipated between February and May 2021, with full results expected by the end of 2021.

CGG Geoscience's Smart Data Solutions (SDS) business has secured data management contracts totaling approximately $10 million. A notable contract involves a global framework agreement with a major international energy company focused on digitizing its legacy data and providing multi-year storage solutions. CGG's expertise ensures safe data management and supports enhanced decision-making for its clients' digitalization initiatives. CEO Sophie Zurquiyah highlighted the importance of leveraging legacy data within exploration and technological advancements.

CGG reported its monthly update on shares and voting rights as of September 30, 2020. The total number of shares stands at 711,324,363, while the number of theoretical voting rights is 711,560,353. This information complies with Article 223-16 of the General Regulation of the French market authority.