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 partnered with Kent to enhance global decarbonization through carbon capture, utilization, and storage (CCUS) and hydrogen production. The collaboration aims to provide comprehensive, end-to-end services for energy and industrial sectors, from project initiation to long-term monitoring. With over 15 years of experience in CCUS, CGG will leverage its extensive Earth Data library, while Kent contributes its engineering expertise. Together, they plan to accelerate the energy transition, ensuring clients meet their net-zero targets.
CGG has secured a new contract for a two-part Ocean Bottom Node (OBN) seismic imaging project by PXGEO in the Sapinhoá Shared Reservoir, Santos Basin, Brazil. This initiative aims to enhance geological insight, aiding Petrobras in oil recovery and production management. The project builds on CGG's strong record in pre-salt OBN projects. Processing of the baseline survey, covering 575 sq km, is underway at CGG’s Rio de Janeiro center, utilizing advanced imaging technologies. A follow-up 4D monitor survey is planned for 2023, further strengthening CGG's capabilities in this challenging field.
CGG has filed its 2021 Universal Registration Document with the French Financial Markets Authority on March 11, 2022. This document includes the annual financial report, the Board of Directors' report on corporate governance, details of the share buyback program, and the management report with non-financial performance metrics. The document is accessible publicly and on CGG's official website under the 'Investors' section, showcasing its commitment to transparency.
CGG announces its voting rights and shares information as of February 28, 2022. The total number of issued shares stands at 711,788,233, while the actual voting rights are 712,431,411 and theoretical voting rights are 712,456,407. All shares maintain equal voting rights, with exceptions for treasury shares (no voting rights) and registered shares held for over two years (double voting rights).
CGG reported strong Q4 2021 results, with revenue of $471M and an EBITDA margin of 51%. The Geoscience and Multi-Client segments saw year-on-year growth of 24% and 13%, respectively. Despite a net loss of $28M, the company expects 2022 revenue to grow by 10%, driven by a recovery in the E&P sector. Investments in new technologies aim to diversify revenue, with Beyond the Core businesses projected to generate over 20% of total revenue by 2025. Liquidity stood at $419M, with a significant focus on carbon neutrality and technology enhancements.
CGG will announce its Q4 2021 financial results on March 3, 2022, after market close. The press release and slide presentation will be available on the CGG website at 5:45 PM CET. An analysts conference call is scheduled for the same day at 6:30 PM CET, accessible via audio webcast. The company employs around 3,300 people worldwide and specializes in geoscience technology, supporting clients in addressing natural resource challenges.
CGG, a French société anonyme, reports its capital structure as of January 31, 2022. The company has a total of 711,670,269 issued shares, resulting in 712,313,409 actual voting rights. The theoretical voting rights stand at 712,338,405. Notably, all shares have equal voting rights, excluding treasury shares and registered shares held for over two years, which possess double voting rights. This report complies with the French Commercial Code and regulations established by the Autorité des Marchés Financiers (AMF).
CGG has secured a three-year contract extension to operate a dedicated permanent reservoir monitoring (PRM) imaging center for Equinor in Stavanger, effective January 1, 2022, through December 31, 2024. This extension highlights CGG's expertise in providing high-quality 4D seismic imaging, which aids Equinor's asset teams in optimizing production from key North Sea fields like Johan Sverdrup, Snorre, and Grane. CGG's imaging solutions are praised for their quick turnaround and innovative technologies, reinforcing the company's status as a leading partner in the offshore PRM sector.
CGG has signed a binding offer with Pramena Investment & Anacap Financial Partners for the sale and leaseback of its headquarters, Galileo, located in Massy, France. The transaction is expected to close in Q2 2022. This strategic move is part of CGG's ongoing efforts to reduce costs and enhance its balance sheet, as stated by CFO Yuri Baidoukov.
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