CGG - CGG STOCK NEWS

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.

Viridien, formerly CGG, announced the sale of its Sercel Marlin vessel monitoring and alert system to ExxonMobil Guyana on June 13, 2024. This sale aims to enhance offshore operational safety for ExxonMobil's operations in Guyana. The Marlin system is part of Sercel's broader software suite and offers real-time monitoring and proactive intelligence on vessel movements and marine risks. This innovation supports floating production storage and offloading platforms (FPSOs) and other valuable assets in challenging marine environments. According to Jerome Denigot, EVP of Sensing & Monitoring at Viridien, the Marlin system is a testament to the company's commitment to delivering advanced technical solutions to optimize marine operations.

Viridien, previously known as CGG, has been awarded a major seismic imaging project by Groupement Berkine, a joint venture including Sonatrach and Occidental Petroleum. The project involves imaging a 3,400 sq km onshore dataset in the Berkine Basin in Eastern Algeria. Viridien's advanced Subsurface Imaging center in France will apply state-of-the-art imaging workflows to enhance subsurface insights, particularly focusing on thin and faulted geology. This recognition stems from their advanced imaging technology, significant computing capabilities, and long-standing experience in Algeria since the 1950s.

Viridien, formerly known as CGG, has formed a strategic partnership with Ranch Computing to enhance the digital media industry through high-performance computing (HPC) solutions. Announced on June 11, 2024, this collaboration will see Viridien provide customized HPC cloud infrastructure tailored to Ranch Computing's needs in visual effects, animation, and architectural visualizations. The partnership leverages tens of thousands of servers running 24/7, integrated with the latest immersion cooling technology to reduce the carbon footprint. This sustainable approach aims to deliver optimized rendering capabilities, faster results, and better performance for resource-intensive projects. Viridien's expertise in technology scouting, hardware selection, and energy optimization will support Ranch Computing's HPC Performance Lab, promising innovations in performance acceleration, energy efficiency, and hardware sustainability. Both companies aim to push the boundaries of computational science for the digital media sector.

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.