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 GeoVerse™ Carbon Storage screening study aimed at aiding CCUS operators in identifying viable CO2 storage sites. This comprehensive study covers potential carbon storage plays within the Northern North Sea, utilizing CGG’s North Viking Graben 3D seismic dataset across both UK and Norwegian waters. CEO Sophie Zurquiyah emphasized that this product leverages CGG’s extensive geoscience and data science expertise, contributing to energy transition efforts and expanding the company's offerings in geothermal resource assessment and carbon sequestration.
CGG, along with partners TGS and BGP, has commenced the acquisition of the Suriname 3D Phase 1 project, covering 11,100 square kilometers of new 3D seismic data and 3,000 square kilometers of reprocessed data. This survey targets the Upper Cretaceous channel systems adjacent to Block 58. The BGP Prospector will undertake the acquisition, with data processing conducted at CGG's Houston center using advanced imaging workflows. Early products are expected by April 2022, with final products available by November 2022. The initiative is supported by industry funding.
CGG has licensed its Northern Viking Graben multi-client seismic data to Northern Lights JV DA for CO2 storage projects in the North Sea. This marks a significant step in the CO2 storage market, as Northern Lights operates the first industry-scale CO2 transport and storage initiative. CGG aims to expand its data library to assist in identifying and securing subsurface storage sites and monitoring solutions. The initiative supports the transition to net zero emissions in Europe.
CGG, a French société anonyme, has reported its share capital of €7,116,622 and detailed the voting rights associated with its shares. As of October 31, 2021, the total number of issued shares is 711,662,679, with actual voting rights totaling 712,359,441 and theoretical voting rights at 712,384,437. All shares carry equal voting rights, except treasury shares, which do not have any, while registered shares held for over two years possess double voting rights.
CGG reported a strong Q3 2021 performance with segment revenue soaring by 35% year-on-year to $270 million, while segment EBITDAs more than doubled to $118 million. The Geoscience segment maintained stable revenue at $77 million, while Multi-Client and Equipment segments experienced substantial increases, with sales up 26% and 105% respectively. Despite a group net loss of $(17) million, cash liquidity improved to $240 million. The company continues to leverage its technological advancements to capture new growth opportunities amidst a strengthening demand environment.
CGG, PGS, and TGS have launched Versal, a groundbreaking unified ecosystem for accessing seismic data from multiple vendors. Announced on October 28, 2021, this cloud-based platform provides clients access to over 70% of the seismic multi-client market via a single login. The initiative aims to streamline workflows, enhancing data accessibility for exploration and production teams. Company leaders from CGG, PGS, and TGS express confidence that Versal will transform workflows and improve decision-making efficiency for energy companies.
CGG will announce its Q3 2021 financial results on November 3, after market close. The company plans to publish its quarterly financial communication at 5:45 PM CET and hold a management conference call at 6:30 PM CET on the same day. Interested parties can access the conference call via audio webcast on the company's website. A replay will be available for 12 months. CGG is a leading global geoscience technology provider, employing approximately 3,700 people worldwide, delivering various data and solutions for resource and environmental challenges.
CGG, in collaboration with TGS and BGP, has signed a multi-client agreement with Staatsolie for seismic programs in offshore Suriname, announced on October 20, 2021. This initiative will involve acquiring new 3D seismic data and reprocessing existing data in the region's shallow water acreage, which includes newly awarded blocks and additional open acreage. The new data aims to enhance understanding of the area's potential, particularly following recent discoveries in block 58. Initial data acquisition is set to begin in Q4 2021, with results expected in H1 2022.
CGG anticipates Q3 2021 segment revenue to reach approximately $270 million, reflecting a 35% year-on-year increase and a 72% sequential rise. Key segments are:
- Geoscience: $77 million (stable year-on-year, +5% sequential)
- Multi-Client: $92 million (+26% year-on-year, +149% sequential)
- Equipment: $101 million (+102% year-on-year, +110% sequential)
CGG will release full Q3 results on November 3, 2021, and has updated its financial communication schedule to better accommodate investors.
CGG released information detailing its total voting rights and shares as of September 30, 2021. The company has a total of 711,662,205 issued shares, with 712,328,962 actual voting rights and 712,353,958 theoretical voting rights. All issued shares carry the same voting rights, except treasury shares, which do not have voting rights. The press release adheres to Article L. 233-8 II of the French Commercial Code and Article 223-16 of the General Regulation of the French market authority (AMF).
