Viridien wins 20 MUSD contract to supply a Sercel GPR300 OBN solution for North Sea project
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 secured a $20 million contract, enhancing revenue.
- Utilization of cutting-edge QuietSeis® MEMS technology, providing superior performance.
- Product excels in shallow waters up to 300 meters, making it versatile.
- Compact and lightweight design facilitates easy handling and deployment.
- GPR300 has proven operational and technological performance in previous surveys.
- Expansion into the North Sea market diversifies the company's geographical footprint.
- The success of the contract heavily depends on project execution and data quality.
- Potential risks in deployment or performance in the new geographical area.
- No mentions of recurring revenue or long-term contracts beyond this $20 million deal.
Insights
Viridien's 20 MUSD contract with a major client for their GPR300 ocean bottom nodal (OBN) solution signifies a promising revenue stream.
The GPR300's deployment in the North Sea highlights the technological advancements Viridien is bringing to the seismic survey industry. The QuietSeis® MEMS technology offers broadband signal sensing capability, which is essential for high fidelity and ultra-quiet performance in seismic data acquisition. Such technology improvements can lead to better subsurface imaging, important for identifying potential oil and gas reserves. This capability makes the GPR300 highly attractive for operators needing accurate and reliable data in challenging environments. Thus, Viridien's product differentiation could drive customer loyalty and higher adoption rates, enhancing long-term business prospects.
The sale and deployment of the GPR300 in the North Sea represent a strategic geographic expansion for Viridien's Sercel solutions. By entering this market, Viridien not only diversifies its customer base but also demonstrates its capability to meet the stringent requirements of the North Sea's seismic survey operations. This move could help Viridien capture a larger market share in the global OBN seismic survey market, traditionally dominated by conventional equipment. Furthermore, this contract could pave the way for additional opportunities in other high-potential regions, reinforcing Viridien's market position and growth trajectory.
Paris, France – June 11, 2024
Viridien, formerly CGG, announced today that, its Sensing & Monitoring business line, marketed under the Sercel brand, has sold and delivered a GPR300 ocean bottom nodal solution for a total value of approximately 20 MUSD. The solution will be deployed by a major customer on an upcoming seismic survey project in the North Sea.
Sercel GPR nodes feature the unique QuietSeis® MEMS technology, which provides unprecedented broadband signal sensing capability, fidelity, and ultra-quiet performance, surpassing conventional OBN equipment to deliver best-in-class data for subsurface imaging. The GPR300 excels in shallow water depths down to 300 m and has a compact, lightweight design for easy manual handling and simplified deployment and retrieval.
Jerome Denigot, Executive Vice President, Sensing & Monitoring, said: “Viridien is totally committed to its Sercel solutions delivering the highest quality of seismic data for optimum imaging results. The GPR300, which has been adopted by leading OBN players worldwide, has demonstrated outstanding operational and technological performance in major surveys in the Middle East and Asia. This new sale expands our GPR nodal solution’s presence to the North Sea OBN seismic market where we are confident it will deliver excellent results.”
About Viridien (formerly CGG):
Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,500 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: 0013181864).
Contacts
Investor Relations
Jean Baptiste Roussille
Tel: + 33 06 14 51 09 88
E-Mail: jean-baptiste.roussille@viridiengroup.com
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