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.
Viridien reports recurring developments for an advanced technology, digital and Earth data company serving natural resource, digital, energy transition and infrastructure markets. Company updates commonly cover quarterly and annual results, cash generation, segment performance, capital expenditure, working capital, and the contribution of Geoscience and Earth Data activities.
News also tracks deleveraging actions, bond redemptions, senior secured notes, credit-rating updates, and regulated French market disclosures. Recurring governance and capital-structure notices include AMF voting-rights and share-count publications, Universal Registration Document filings, corporate governance reporting, and sustainability-information certification.
CGG has released its interim financial report for the period ending June 30, 2022, which is now available on the company's website. The report was filed with the Autorité des Marchés Financiers (AMF). CGG, a global leader in technology and high-performance computing, specializes in Earth and data sciences, providing innovative solutions for sustainable development. The company employs approximately 3,300 people worldwide and is listed on the Euronext Paris.
CGG, a leader in high-performance computing, reported strong Q2 2022 results with segment revenue of $240 million, up 66% year-on-year. Notable EBITDAs of $126 million reflect a 52% margin, and the company achieved a net income of $16 million. The growth was driven by increased Earth Data after-sales and sustained Geoscience activity amid a favorable market upcycle. Additionally, the company announced successful acquisitions in its Sensing and Monitoring division, highlighting its commitment to expanding its portfolio.
CGG has entered a significant multi-year global agreement with bp for data transformation and curation, reinforcing bp's digital strategy in the Subsurface sector. The collaboration aims to enhance the use of unstructured data, facilitating better decision-making and risk assessment for asset teams. Sophie Zurquiyah, CEO of CGG, emphasized the partnership's potential to unlock substantial business value and insights drawn from disparate data sources. This contract illustrates the longstanding relationship between the two companies, leveraging CGG's expertise in data science and technology.
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.