CGG - CGG STOCK NEWS

Viridien has released phase 2 of its GeoVerse™ Carbon Storage Screening Study of the Gulf of Mexico, following the successful delivery of phase 1 last year. This comprehensive study complements Viridien's multi-client seismic data, providing extensive subsurface data coverage over the US Gulf of Mexico shallow waters and coastal areas. The timely release aims to accelerate the screening process for identifying high-potential areas in upcoming carbon sequestration lease offerings by the Texas General Land Office and School Land Board.

The full product offers an integrated package of interactive ArcGIS-compatible screening maps, digitized well data, and merged legacy seismic data across the Gulf of Mexico basin's shallow water shelf. This region contains several large-scale aquifer stores throughout the stratigraphic section, making it a key area of interest for the CCUS industry.

Viridien has launched the Laconia 3D OBN multi-client seismic program in the US Gulf of Mexico, covering 330 OCS blocks in the Garden Banks and Keathley Canyon areas. The project, backed by industry funding, began in July 2024 with initial product delivery set for Q2 2025. The survey will employ extra-long-offset full-azimuth OBN data and the Sercel TPS™ (Tuned Pulsed Source), an eco-friendly low-frequency marine seismic source, to enhance imaging and subsurface information. Viridien's elastic full-waveform inversion (E-FWI) technology will be used to maximize subsalt imaging and reservoir delineation, aiming to reveal unprecedented subsalt detail and hidden resource potential in the complex geology of the area.

Viridien, a French société anonyme with a share capital of €7,161,465, has released information on its total number of voting rights and shares as of July 31, 2024. The company, registered in Evry with Trade and Companies Register number 969 202 241, reported the following data:

Total number of issued shares: 7,161,465
Number of actual voting rights: 7,180,473
Number of theoretical voting rights: 7,180,722

The company notes that all shares have the same voting rights, except for treasury shares (which have no voting rights) and registered shares held for more than two years (which have double voting rights). The theoretical voting rights calculation includes shares with single or double voting rights, including treasury shares deprived of voting rights.

Viridien, a French company listed on the stock market, has announced the filing of its 2024 Interim Financial Report with the Autorité des Marchés Financiers (AMF) on July 31, 2024. This report covers the financial period up to June 30, 2024. Investors and interested parties can access the full report on the company's official website under the Investors section, specifically in the 'Regulated information' and 'Financial information' subsections. The report is now publicly available, providing transparency and compliance with financial regulations.

Viridien (formerly CGG) has completed a reverse share split of its share capital, exchanging 716,146,563 old shares with a €0.01 nominal value for 7,161,465 new shares with a €1.00 nominal value. The new shares are now tradeable on the Euronext Paris market under the ISIN code FR001400PVN6. Shareholders with a number of shares not divisible by 100 will be compensated for fractional rights by August 29, 2024. The reverse split aims to simplify share management without impacting overall shareholder value. The process was carried out in accordance with the resolution passed at the May 15, 2024 shareholders' meeting.

Viridien (formerly CGG) reported strong Q2 2024 results, driven by its Geoscience and Earth Data businesses. The company achieved Q2 revenue of $258 million (-10% YoY) and adjusted EBITDA of $94 million (-10% YoY). H1 2024 saw revenue of $532 million (+7% YoY) and adjusted EBITDA of $200 million (+17% YoY). The Digital, Data and Energy Transition (DDE) segment showed strong growth, with revenue up 24% and order intake up 91%. However, overall group revenue declined due to the absence of 'mega crew' equipment orders in Sensing & Monitoring. Viridien reiterated its full-year targets and extended its $100 million revolving credit facility to October 2026. The company also received a credit rating upgrade from S&P to B-.

Viridien (formerly CGG) has announced that it will release its Q2 2024 financial results on Tuesday, July 30th, 2024, after the market closes. The company will make the press release and presentation available on its website at 5:45 pm (CET). An English language analysts conference call is scheduled for 6:00 pm (CET) on the same day. Interested participants can register for the call to receive dial-in information or join via live webcast. A replay of the conference call will be available on the company's website for 12 months following the event.

On June 30, 2024, Viridien announced the total number of voting rights and shares. The French company, with a share capital of €7,161,465, disclosed that it has 716,146,563 issued shares. The number of actual voting rights stands at 718,856,835, while the theoretical voting rights amount to 718,881,831. The difference in voting rights is due to treasury shares, which do not have voting rights, and registered shares held for over two years, which possess double voting rights.

Viridien announced a reverse share split effective July 31, 2024. The split will consolidate every 100 shares of €0.01 nominal value into 1 new share of €1.00 nominal value. The transition period will last from July 1 to July 30, 2024. Shareholders holding exact multiples of 100 shares need not take any action, while others must adjust their holdings to avoid fractional shares, which will be liquidated with proceeds distributed proportionately. The old shares will be delisted after July 30, 2024. This move aims to streamline the share structure without impacting the total value of shares held by shareholders.