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CGG (Viridien) delivers cutting-edge geoscience solutions through seismic imaging and digital technologies that address global energy transition needs. This dedicated news hub provides investors and industry professionals with essential updates about the company's technological advancements and strategic initiatives.
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Viridien reported strong Q1 2025 results with revenue of $301M (+10%) and adjusted EBITDA of $143M (+35%). Two major milestones were achieved: termination of the vessel capacity agreement and successful bond refinancing. The company completed its transition to an asset-light model.
Key financial highlights:
- Digital, Data and Energy Transition revenue: $214M (+16%)
- Geoscience revenue: $110M (+25%)
- Earth Data revenue: $104M (+7%)
- Sensing & Monitoring revenue: $87M (-2%)
Net cash flow was $(20)M, including a $42M interest payment. Net debt stood at $974M with liquidity of $257M. The company successfully refinanced its bonds with new $450M (10%) and €475M (8.5%) senior secured notes due October 2030. For full-year 2025, Viridien targets approximately $100M in Net Cash Flow generation, assuming moderate oil market fluctuations.
Viridien has announced its upcoming Combined General Meeting scheduled for April 30, 2025 at 10:30 a.m., to be held at Cloud Business Center in Paris, France. The meeting notice was published in the BALO on March 24, 2025, with the convening notice to be published on April 11, 2025.
The company has made all preparatory documents and information available to shareholders in compliance with French regulations. These materials can be accessed on Viridien's website under the shareholders' section. The meeting will be broadcast live through the company's website in the 2025 Shareholders' Meeting section.
Viridien has secured a contract through its subsidiary CGG Services SAS from Groupement Hassi Bir Rekaiz, a joint operatorship between Sonatrach and PTTEP, to reimage two legacy 3D seismic data sets in Algeria's Berkine Basin. The project covers 2,400 sq km in the Hassi Bir Rekaiz concession and will span 13 months.
The reimaging project involves processing seismic data originally acquired in 2011 and 2013, utilizing advanced technology for enhanced seismic velocity modeling and improved reliability of seismic attributes. The project aims to deliver better quantitative interpretation and fault imaging capabilities.
Viridien has released its monthly voting rights and shares report as of March 31, 2025. The company maintains a total of 7,161,465 issued shares, with 7,185,741 actual voting rights and 7,185,990 theoretical voting rights.
The report, filed in compliance with French regulatory requirements, reveals that registered shares held for more than two years benefit from double voting rights. Treasury shares are excluded from voting rights, though they are included in the theoretical voting rights calculation as per Article 223-11 of the French Financial Markets Authority (AMF) regulations.
Viridien has scheduled the release of its First Quarter 2025 financial results for Tuesday, April 29, 2025, after market close. The company will publish the press release and presentation on their website at 5:45 pm (CET), followed by an English language analysts conference call at 6:00 pm (CET).
Interested participants can register online to receive dial-in details or join via webcast. A replay of the conference call will be available in audio format on the company website for 12 months. Additionally, the company has noted that the Q4 & FY 2024 press release and presentation from February 27, 2025, have been amended, with updated versions available on their website.
Viridien has successfully completed a significant debt refinancing operation on March 25, 2025. The company issued $450 million of 10% Senior Secured Notes due 2030 and €475 million of 8.5% Senior Secured Notes due 2030. Additionally, Viridien secured a $125 million super senior Revolving Credit Facility Agreement (RCF).
The new notes will be guaranteed on a senior secured basis by certain Viridien subsidiaries. The proceeds from this issuance, combined with available cash, will be used to redeem all existing senior secured notes due 2027, with the redemption scheduled for April 1, 2025.
Viridien S.A. has successfully priced a dual-currency senior secured notes offering, comprising US$450 million at 10% due September 2030 and €475 million at 8.5% due 2030. The notes, to be issued on March 25, 2025, will be guaranteed by certain subsidiaries and accompanied by a new US$125 million super senior Revolving Credit Facility.
The proceeds will be used to redeem existing senior secured notes due 2027 worth US$447 million and €579 million. All three credit rating agencies have taken positive rating actions, with Moody's, S&P, and Fitch upgrading their ratings to B2, B, and BB- respectively.
This refinancing represents a key milestone in Viridien's financial strategy, following $60 million in bond buybacks in 2024. The company aims to maintain liquidity through the increased RCF, a cash balance of around US$100 million, and extended debt maturity profile while continuing to deleverage its capital structure through excess cashflows.
Viridien S.A. has launched a significant debt refinancing initiative on March 10, 2025, offering senior secured notes due 2030 worth approximately US$950 million in both USD and EUR denominations. The notes will be backed by guarantees from certain Viridien subsidiaries on a senior secured basis.
The company has additionally secured commitments for a US$125 million revolving credit facility (RCF), which will share the same collateral as the notes but with super senior status. The proceeds from this offering, combined with existing cash reserves, will be used to fully redeem the company's existing senior secured notes due 2027, which consist of US$447.4 million and €578.6 million in principal amounts.
Viridien has announced the filing of its 2024 Universal Registration Document with the French Financial Markets Authority (AMF) on March 6, 2025. The document was submitted in European Single Electronic Format (ESEF) and contains several key components including the annual financial report, Board of Directors' governance report, share buyback program details, statutory auditors' reports, and management report with Sustainability and Taxonomy information.
The document is now publicly accessible through Viridien's website in the investors/regulated-information section and on the AMF's website.
Viridien, a French company, has released its monthly disclosure regarding voting rights and shares as required by French regulatory authorities. The company, headquartered in Massy, France with a share capital of €7,161,465, confirms that all shares carry equal voting rights, with two exceptions:
1. Treasury shares which carry no voting rights
2. Registered shares held for more than two years which carry double voting rights
This disclosure is made in compliance with Article L. 233-8 II of the French Commercial Code and Article 223-16 of the AMF (French Financial Markets Authority) regulations.
