Welcome to our dedicated page for CGG news (Ticker: CGG), a resource for investors and traders seeking the latest updates and insights on CGG stock.
CGG (www.cgg.com) is a global technology leader, specializing in providing cutting-edge data, products, services, and solutions in the realms of Earth science, data science, and sensing and monitoring. Headquartered in Paris, France, CGG is renowned for its high-performance computing (HPC) capabilities, supporting clients in efficiently addressing complex challenges across digital transformation, energy transition, natural resource management, environmental sustainability, and infrastructure development.
Employing approximately 3,400 people worldwide, CGG is listed on the Euronext Paris SA (ISIN: 0013181864). The company’s diverse portfolio is designed to deliver robust and reliable solutions tailored to meet the evolving needs of its clientele, ensuring maximum productivity and reduced downtime even in the harshest environments.
In a notable recent development, Sercel, CGG's Sensing & Monitoring division, announced its first major sale of the 528™ cable-based land acquisition system to the Turkish Petroleum International Corporation (TPIC). This advanced system, comprising 8,000 channels, will be deployed in a 3D seismic survey in Turkey’s challenging semi-arid terrain, with the survey slated to commence in Q3 2024. The 528™ system, known for its lightweight and low power consumption, exemplifies Sercel’s commitment to enhancing client ROI through innovative technology.
CGG's recent financial news highlights robust performance with first-quarter 2024 segment financial results showcasing substantial progress. Adjusted for non-recurring charges and gains, the financial statements reflect the company's strategic investments and operational efficiency.
For more details on CGG’s AI Cloud offering and other solutions, visit their official website. Stay updated with the latest news and developments to understand how CGG is shaping the future of technology and sustainability.
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.
CGG, a French company, disclosed the total number of voting rights and shares as of April 30, 2024. The total number of issued shares is 713,676,258, with 715,923,854 actual voting rights and 715,948,850 theoretical voting rights. The company's shares have equal voting rights, excluding treasury shares and those held for over two years, which have double voting rights.
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