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 (Viridien) delivers cutting-edge geoscience solutions through seismic imaging and digital technologies that address global energy transition needs. This dedicated news hub provides investors and industry professionals with essential updates about the company's technological advancements and strategic initiatives.
Access real-time announcements covering operational milestones, including subsurface data innovations, sensor technology deployments, and sustainable resource management developments. Our curated collection features earnings reports, partnership disclosures, and progress updates on digital transformation projects critical to energy and infrastructure sectors.
Stay informed about CGG's leadership in geophysical surveying and Earth data analytics through verified press materials. The repository serves as a reliable source for tracking the company's contributions to responsible resource exploration and advanced seismic processing methodologies.
Bookmark this page for streamlined access to CGG's latest corporate communications, ensuring you never miss developments in MEMS sensor applications or integrated subsurface imaging solutions. Regular updates provide ongoing insights into how the company shapes data-driven decision-making in complex geological environments.
CGG has filed its 2022 Universal Registration Document with the French Financial Markets Authority on March 16, 2023. This document, presented in ESEF format, includes key components such as the annual financial report, the Board of Directors’ report on corporate governance, a description of the share buyback program, and the management report detailing non-financial performance. The document is publicly accessible under regulatory conditions and can be found on CGG’s website. This filing highlights CGG's commitment to transparency and compliance within the financial market.
This release by CGG provides details on the company's share capital and voting rights as of February 28, 2023. The total number of issued shares stands at 712,381,115, with 714,275,430 actual voting rights and 714,300,426 theoretical voting rights. All shares carry equal voting rights excluding treasury shares, which have none, while registered shares held for over two years enjoy double voting rights. This information complies with the French Commercial Code and the regulations of the AMF (Autorité des Marchés Financiers).
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.
