CGG - CGG STOCK NEWS

Viridien, formerly known as CGG, has secured a $20 million contract to supply its Sercel GPR300 ocean bottom nodal (OBN) solution for a seismic survey in the North Sea.

The Sercel GPR300 utilizes QuietSeis® MEMS technology, offering superior broadband signal sensing, fidelity, and ultra-quiet performance compared to traditional OBN equipment.

This technology excels in shallow water depths up to 300 meters and is designed for ease of manual handling and deployment.

Jerome Denigot, Executive Vice President of Sensing & Monitoring at Viridien, emphasized the company's dedication to providing high-quality seismic data and noted that the GPR300 has already proven its value in major surveys in the Middle East and Asia.

This new contract marks the GPR300's expansion into the North Sea OBN seismic market.

Viridien, formerly CGG, unveiled its new brand at the 2024 EAGE Annual Conference in Oslo. This change represents the next phase in its strategic growth as an Advanced Technology, Digital, and Earth Data company. Since 2018, Viridien has divested its data acquisition activities to focus on Geoscience, Earth Data, and Sensing & Monitoring. The company is also expanding into Low-Carbon markets such as Minerals & Mining and Carbon Storage, as well as High-Performance Computing and Infrastructure Monitoring. The new name reflects the company's heritage and future growth aspirations, emphasizing its commitment to sustainability and innovative solutions for complex natural resource, digital, and energy transition challenges.

Viridien, a French société anonyme, has disclosed information regarding its total number of voting rights and shares as of May 31, 2024. With a share capital of €7,136,762, the company reported 713,676,258 issued shares. The number of actual voting rights stands at 715,925,525, while the theoretical voting rights are 715,950,521. All company shares have the same voting rights, except treasury shares, which have no voting rights, and registered shares held for over two years, which have double voting rights. These details are pursuant to Article L. 233-8 II of the French Commercial Code and Article 223-16 of the AMF's General Regulation.

On May 17, 2024, Viridien, formerly known as CGG, announced the approval of its name change by shareholders during the Annual General Meeting held on May 15, 2024. Starting May 21, 2024, the company's shares listed on Euronext Paris will trade under the new ticker symbol 'VIRI'. The change marks a significant rebranding effort for the company, aligning with its strategic objectives and market presence. The new ISIN code and Euronext code remain unchanged as FR0013181864.

Viridien, formerly known as CGG, held its Combined General Meeting on May 15, 2024, in Paris, chaired by Philippe Salle. All resolutions were approved, including the 2023 financial statements, appointment of Ernst & Young as statutory auditors, Say on Pay resolutions, financial delegations, and a reverse share split consolidating 100 shares into 1 new share. The company also changed its name to Viridien. The board renewed Helen Lee Bouygues' term and replaced Heidi Petersen with Olivier Jouve as directors, bringing the board to nine members, with 87.5% independent and 50% women. The board established a New Businesses and M&A Committee, updating its internal rules and committee structures.

On May 15, 2024, shareholders approved changing CGG's corporate name to Viridien at the Annual General Meeting. CEO Sophie Zurquiyah stated that the new name connects the company's history to its future, positioning it for accelerated growth in advanced technology, digital, and earth data sectors.

The official brand launch will occur on June 10 at the EAGE Annual Conference in Oslo. Viridien will focus on core businesses like Geoscience, Earth Data, and Sensing & Monitoring, as well as expanding into low-carbon markets such as Minerals & Mining and CCS. Additionally, Viridien aims to enter new markets, including High-Performance Computing (HPC) and Infrastructure Monitoring.

CGG announced its Q1 2024 results, highlighting a strong start to the year with a revenue of $273 million, up 30% year-on-year, and adjusted EBITDAs of $106 million, up 58% year-on-year.

Net cash-flow reached $30 million, and the company reported a group net loss of $3 million, an improvement from last year’s $16 million loss. Segment revenues showed notable growth across Geoscience ($88 million), Earth Data ($97 million), and Sensing & Monitoring ($89 million).

CGG also benefited from a recent credit rating upgrade by S&P Global Ratings. Despite some financial pressures, such as $16 million in fees from contractual vessel commitments, CGG has reaffirmed its 2024 financial targets.

CGG has launched an AI Cloud solution powered by NVIDIA to optimize AI and HPC workloads for data-intensive industries. The solution combines cutting-edge hardware with a tailored software environment and expert management to enhance client productivity and efficiency.

CGG has announced an alliance with Baker Hughes to offer carbon capture & storage solutions, aiming to support the rapid increase of CCS projects worldwide. The collaboration intends to provide high-quality end-to-end solutions for screening, selecting, characterizing, and monitoring potential carbon storage sites. By combining expertise and technologies, the alliance aims to provide efficient and cost-effective solutions for operators.