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.
The CGG news page on Stock Titan aggregates recent public communications that are issued under the Viridien name. These items present Viridien as an advanced technology, digital and Earth data company and provide insight into its financial performance, governance decisions, capital structure and major Earth data projects. Readers can use this page to review how the group describes its activities across natural resources, digital, energy transition and infrastructure-related challenges.
News items include detailed financial updates, such as quarterly and full-year segment revenue, segment EBITDAs, net cash flow and net debt figures, as well as commentary on the company’s asset-light strategy and deleveraging efforts. Viridien also publishes announcements about bond redemptions, new loans and liquidity, giving context on how it manages its balance sheet and financing costs.
Operational news highlights multi-client seismic and Earth data projects. Examples include the Megabar Extension Phase I multi-client 3D seismic survey in the Barreirinhas Basin offshore Brazil and a seismic reimaging program over offshore block 22 in Angola. These releases describe the scope of the surveys, the use of proprietary subsurface imaging technologies and the intended benefits for exploration and licensing activities.
Governance and regulatory news covers decisions by the Board of Directors, such as the separation of the roles of Chair and Chief Executive Officer, and monthly disclosures on the total number of issued shares and voting rights in accordance with French market regulations. By following this news feed, users can track how Viridien presents its strategic direction, financial trajectory and key Earth data initiatives over time.
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.
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CGG has released its total voting rights and shares information as of December 31, 2022. The company holds a total of 712,357,321 issued shares. The actual number of voting rights stands at 714,240,301, while the theoretical voting rights amount to 714,265,297. All shares share the same voting rights except for treasury shares, which have none, and registered shares held for over two years, which have double voting rights. This information complies with Article L. 233-8 II of the French Commercial Code.
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CGG announced the sale of its US land seismic multi-client library to Bon Ton Seismic LLC for $63 million. This library covers approximately 20,000 square miles (about 52,000 km²) of 3D seismic data. CEO Sophie Zurquiyah stated that this divestment is part of CGG's ongoing business portfolio management initiated in 2018. The company plans to focus on offshore hydrocarbon basins, CCUS, minerals and mining, and digital solutions with its Earth Data segment.
CGG announced the total number of issued shares and voting rights as of November 30, 2022. The company has 712,357,321 shares issued, with a total of 714,184,357 actual voting rights and 714,209,353 theoretical voting rights. All shares carry the same voting rights, except for treasury shares without voting rights and registered shares held for more than two years, which have double voting rights. This report complies with the French Commercial Code and AMF regulations.
CGG has launched a new multi-client data project in Southeast Arizona aimed at enhancing exploration in the mining sector. The project, backed by industry funding, will utilize CGG’s GeoVerse™ platform and is set to begin immediately, with final products expected soon. The initiative involves acquiring over 270,000 line-kilometers of airborne data integrated with existing satellite and geological data, creating a comprehensive dataset for improved exploration methods.
CGG has secured a multi-year contract extension with Brunei Shell Petroleum Company (BSP) to operate a dedicated seismic imaging center in Seria, Brunei. This renewal, reflecting six years of technical excellence, emphasizes BSP's trust in CGG's imaging team and advanced technology. The in-house team will continue utilizing proprietary technologies to address regional challenges, including gas clouds and complex fault structures. CGG's workforce stands at around 3,300 employees, and it is publicly traded on the Euronext Paris.
CGG reported its total number of issued shares as of October 31, 2022, standing at 712,357,321. The company has 714,183,703 actual voting rights, and 714,208,699 theoretical voting rights, highlighting the impact of treasury shares and double voting rights for certain registered shares. This information complies with Article L. 233-8 II of the French Commercial Code and the AMF regulations.
CGG reported a soft Q3 2022, with revenues of $255 million and segment revenues down 20% year-on-year to $217 million. However, 2022 segment revenue is projected around $900 million, stable year-on-year. The EBITDAs for the year are expected to be around $380 million, up 10%. There was a significant improvement in net loss, which decreased to $(2) million from $(16) million last year. Despite project shifts affecting segments like Sensing and Monitoring, anticipated growth in Earth Data sales could lead to a strong Q4. Liquidity stood at $325 million, with net debt reduced to $889 million.
