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 S.A. has successfully finalized the sale of its GeoSoftware business to Topicus.com Inc. and Vela Software for a total cash amount of US$95 million. This transaction became effective on October 1, 2021, following prior announcements. The sale represents a strategic move for CGG, which is recognized as a leader in geoscience technology, employing approximately 3,700 people globally. The company is dedicated to providing a wide range of solutions addressing complex challenges in natural resources and environmental sectors.
CGG has awarded Sercel a significant contract to provide land seismic equipment for a 3D mega-crew survey in North Africa. This contract includes a 508XT acquisition system featuring 100,000 QuietSeis® digital sensors and a fleet of twenty Nomad 90 Neo broadband vibrator trucks, with equipment delivery expected in Q4 2021. The deal underscores the industry's growing appreciation for low-noise and high-accuracy sensor technology, positioning Sercel as a leader in broadband seismic solutions.
CGG
As of August 31, 2021, CGG reports a total of 711,662,197 shares issued, with 712,328,755 actual voting rights and 712,353,751 theoretical voting rights. Each share carries the same voting rights, save for treasury shares and registered shares held over two years, which receive double voting rights. This information aligns with regulatory requirements under the French Commercial Code and is pertinent for shareholders monitoring voting power dynamics.
CGG has reported its total number of issued shares and voting rights as of July 31, 2021. The company has a total of 711,661,905 issued shares. The actual number of voting rights stands at 711,944,595, while the theoretical voting rights total 711,969,591. All issued shares carry equal voting rights, with treasury shares excluded from voting. This information is provided in compliance with Article L. 233-8 II of the French Commercial Code.
CGG has entered an agreement to sell its GeoSoftware business to Topicus.com and Vela Software. The deal entails Topicus acquiring a 60% interest and Vela a 40% interest in GeoSoftware. The transaction is subject to mutually agreed closing conditions. CGG's CEO stated that Topicus and Vela are well-positioned to enhance the GeoSoftware product suite, promising growth and continued success for the company. This strategic move aligns with CGG's focus on enhancing operational efficiency and fostering long-term relationships.
CGG has released its interim financial report for the period ending June 30, 2021, filed with the Autorité des Marchés Financiers (AMF). The report is accessible on CGG's website under the Investors section. CGG is a prominent global geoscience technology leader, employing approximately 3,700 people worldwide and offering a diverse range of data and services aimed at addressing complex challenges in natural resources, environment, and infrastructure.
CGG reported Q2 2021 non-audited results with revenue of $172 million, down 28% YoY, influenced by delays in customer spending, particularly in the Multi-client segment. Despite a recovery in oil prices, operational earnings (EBITDAs) fell 39% to $42 million. The company anticipates a gradual recovery in Geoscience activities and expects 25% growth in Equipment sales year-on-year. Net loss for the quarter stood at $(51) million. The company is progressing with asset monetization and expects improved cash flow by year-end.
CGG and PGS have entered a Memorandum of Understanding (MoU) aimed at enhancing their seismic multi-client capabilities within the Carbon Capture Utilization and Storage (CCUS) sector. This collaboration seeks to maximize the potential of existing seismic data for evaluating carbon storage sites. Both companies aim to leverage their expertise in delivering high-end seismic products to support energy transition initiatives, including CCUS, hydrogen, and geothermal energy.
CGG announced the first significant sale of its GPR300 seabed nodal solution to BGP Inc.. The deal involves 18,000 nodes for a large-scale operation in the Middle East, scheduled for deployment in Q4 2021. The GPR300 is designed for seismic acquisition in shallow waters, featuring the advanced QuietSeis® sensor for high-fidelity data. BGP Managing Director highlighted Sercel's technology as superior, ensuring enhanced imaging resolution. Emmanuelle Dubu, Sercel CEO, emphasized the competitive edge of the GPR300's broadband digital sensor.
CGG reports a Q2 2021 segment revenue estimate of approximately $158 million, with Geoscience expected at $73 million, Multi-Client at $37 million, and Equipment at $48 million. The group backlog increased by 4% to $360 million year-on-year. Full year revenue forecast remains flat, with EBITDA around $310 million due to slow recovery in Multi-Client sales. However, CGG expects positive net cash flow in 2021, supported by asset sales and increased spending going into 2022.
