CGG - CGG STOCK NEWS

CGG has appointed Jérôme Serve as the new Group Chief Financial Officer, succeeding Yuri Baidoukov, who will leave the company by March 31, 2023, for family reasons. Sophie Zurquiyah, CEO of CGG, acknowledged Baidoukov's contributions over the past four and a half years, especially regarding the company's transformation and refinancing efforts. Jérôme Serve brings a wealth of experience, having previously served as CFO at Forvia/Faurecia and holding roles at TotalEnergies and Shell. His background in petroleum engineering and corporate finance positions him to support CGG's ongoing growth and leadership in Earth science and data science sectors.

CGG reported strong Q4 and full year 2022 financial results, achieving net income of $43 million compared to a loss of $180 million in 2021. Q4 revenue reached $268 million, driven by $142 million in EBITDAs and operating income of $84 million, marking significant profitability improvements. Segment revenues saw a 6% increase year-on-year, with Earth Data up 28%. The company maintained a liquidity of $398 million and plans for segment revenue growth of 15-20% in 2023. CGG expects ongoing high volatility in quarterly segment revenues but remains optimistic about its backlog and technology leadership.

CGG is set to release its fourth quarter 2022 financial results on March 2, 2023, after market close. This announcement will be accompanied by a Q&A session at 6:30 PM CET on the same day. The financial details and presentation materials will be made accessible on their official website at 5:45 PM CET. Interested participants can register for the call to receive the necessary dial-in information. A replay of the conference call will be available for 12 months on the company's website, ensuring stakeholders can review the outcomes. CGG continues to focus on delivering sustainable solutions across various sectors.

CGG, a French société anonyme with a capital of €7,123,573, has released its latest information regarding the number of voting rights and shares as of January 31, 2023. As per French regulations, CGG issued a total of 712,357,737 shares. The number of actual voting rights is stated as 714,254,931, while the theoretical voting rights amount to 714,279,927.

All company shares carry the same voting rights, with the exclusion of treasury shares devoid of voting rights and registered shares held for over two years, which have double voting rights.

CGG has partnered with 2CRSi to introduce a new high-performance computing-as-a-Service (HPCaaS) offering aimed at global HPC clients. This strategic agreement combines CGG's extensive HPC expertise with 2CRSi's energy-efficient server technology, enhancing their service capabilities. The collaboration is expected to accelerate CGG's expansion of its HPCaaS and allows 2CRSi to reach new markets with its eco-friendly servers. Both companies have a history of mutual support in the energy sector, and this partnership represents a significant step forward in delivering advanced HPC solutions.

CGG anticipates Q4 2022 segment revenue at approximately $321 million, an 8% year-on-year increase, supported by strong sales in Earth Data and equipment deliveries. Full year 2022 revenue is projected at $931 million, up 3%. Q4 net cash flow is expected around $61 million, bolstering cash liquidity to $298 million. However, Geoscience segment revenue is forecasted to decline 22% year-on-year. CGG will release its full year results on March 2, 2023.

CGG has launched a new 3D seismic reimaging project in the Foz do Amazonas basin, supporting Brazil's Permanent Offer initiative. Funded by industry partners, the project aims to merge over 7700 km² of existing seismic data, with fast-track products expected by June 2023 and full completion by the end of 2023. The region is strategically important due to its geological features and proximity to successful areas in West Africa. CGG's advanced imaging technology aims to enhance their extensive data library and unlock the untapped potential of the Equatorial Margin.