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 will release its second quarter 2022 financial results on July 28, 2022, after market close. A conference call for analysts is scheduled at 6:30 PM (CET) the same day. The press release and presentation will be available on their website at 5:45 PM (CET). This marks a transition to a new service provider for conference calls, requiring participants to register in advance. A replay will be accessible for up to 12 months on the company's website.
CGG announced updated information regarding its share capital and voting rights as of June 30, 2022. The company has a total of 712,357,225 issued shares, with 714,193,672 actual voting rights and 714,218,668 theoretical voting rights. All shares have equal voting rights, except for treasury shares, which do not provide voting rights, and registered shares held for over two years, which have double voting rights. This disclosure is in compliance with the French Commercial Code and AMF regulations.
CGG has announced that its Sensing & Monitoring division, Sercel, has successfully acquired the software business of ION Geophysical Corporation, which is undergoing Chapter 11 bankruptcy. The acquisition aims to retain all employees associated with ION's software operations. The deal is contingent on bankruptcy court approval and other regulatory approvals and is expected to close in Q3 or Q4 2022. This move may bolster CGG's market position and expand its technology offerings in Earth science.
CGG has launched its new HPC & Cloud Solutions business, led by Agnès Boudot, as part of a strategic initiative to capitalize on growth opportunities in the HPC and cloud markets. With over 30 years of IT experience, Boudot aims to leverage her expertise in High-Performance Computing to enhance CGG's offerings. This new business will be integrated into the Data, Digital & Energy Transition segment, supporting CGG's commitment to addressing complex challenges in Earth science and beyond.
CGG announced that its subsidiary Sercel has sold a complete marine seismic acquisition system to HJ Shipbuilding & Construction in South Korea. The contract, valued at an undisclosed amount, includes a Seal 428 recording system, Sentinel streamers, a Nautilus positioning system, and G-Source II impulsive sources. The system will equip the R/V TAMHAE3 for the Korea Institute of Geoscience and Mineral Resources (KIGAM) and is set for delivery in the first half of 2023. Sercel's technology promises high-resolution data acquisition, enhancing its leadership in marine seismic solutions.
CGG, a French société anonyme, reports significant shareholder data as of May 31, 2022. The company has a total of 711,791,567 issued shares and 712,535,757 actual voting rights. The total number of theoretical voting rights stands at 712,560,753. Notably, all shares possess identical voting rights, except treasury shares which hold no voting rights and registered shares held for over two years, which enjoy double voting rights. This information complies with the French Commercial Code and AMF regulations.
CGG announced the acquisition of Geocomp Corporation, enhancing its Sercel division's capabilities in geotechnical risk management and infrastructure monitoring. Founded over 40 years ago, Geocomp has a strong reputation in the U.S. market, employing 120 professionals. This strategic move aims to accelerate Sercel's S-lynks and S-scan solutions deployment, tapping into the growing infrastructure sector. Both companies' complementary technologies are expected to address significant infrastructure challenges, boosting CGG's position in the fast-evolving market.
CGG has announced an expanded five-year Geovation software licensing agreement with Petrobras. The new agreement enhances access to advanced seismic imaging technologies, including full-waveform inversion, providing significant improvements in imaging capabilities for Petrobras geoscientists. CGG's EVP, Peter Whiting, highlighted the strong partnership built over 60 years and the efficiency of their subsurface imaging technology. The agreement also includes expert training for new users, facilitating rapid software adoption.
CGG held its Combined General Meeting on May 5, 2022, in Paris, presided by Chairman Philippe SALLE. Key resolutions adopted included the approval of statutory and consolidated financial statements for 2021, director remuneration, and share trading authorizations. Sophie ZURQUIYAH's term as CEO was renewed for four years, maintaining the board's independence with 87.5% independent directors and 62.5% women. The Board confirmed the separation of Chairman and CEO roles, ensuring strong governance moving forward.
CGG reported its Q1 2022 results, highlighting a net cash flow of $68 million and an increase in Geoscience revenue by 36%. Overall revenues reached $175 million, reflecting a 28% year-on-year decline. Despite a 70% drop in the Sensing and Monitoring segment, the company anticipates a recovery due to rising demand and increased commercial activity. Operating income showed a $11 million profit, with net loss narrowing to $19 million. CGG confirmed its 2022 financial objectives amid an improving market landscape.
