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 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.
CGG provided an update on its share capital and voting rights as of June 30, 2021. The company has a total issued share count of 711,661,841 shares, with actual voting rights totaling 711,935,134. The theoretical voting rights stand at 711,960,130. All shares possess equal voting rights except for treasury shares, which are non-voting, and registered shares held for over two years that have double voting rights. This information is in compliance with French regulations pertaining to corporate governance.
CGG successfully completed the sale of its Multi-Physics business (excluding processing and multi-client library) to Xcalibur Group, effective July 1, 2021. This transaction followed the necessary regulatory approvals. The divestment aims to streamline CGG's operations and focus on core geoscience technologies. CGG continues to operate globally with approximately 3,700 employees, providing a range of data, products, and services to tackle natural resource and infrastructure challenges.
CGG has secured a significant project from Lundin Energy Norway AS for seismic imaging in the Nordkapp basin of the Barents Sea. This involves a 3700 km2 simultaneous node and streamer 3D survey, utilizing TopSeis™ technology and sparse ocean-bottom nodes. The data will be processed at CGG's imaging center in Massy, France, employing advanced velocity model techniques to enhance geological understanding. This partnership aims to improve the efficiency and safety of Lundin's operations in the region.
CGG has released key information regarding its share capital and voting rights as of May 31, 2021. The total number of issued shares stands at 711,394,753, with actual voting rights totaling 711,667,135 and theoretical voting rights at 711,692,131. It is important to note that all shares have equal voting rights except for treasury shares, which lack voting rights, and registered shares held for over two years, which enjoy double voting rights. This disclosure complies with French Commercial Code regulations.
CGG has launched the GPR300, a new seabed nodal seismic acquisition solution designed for shallow waters up to 300 meters deep. This innovative product was developed in collaboration with BGP and enhances Sercel's GPRNT range, which includes the GPR1500 for deepwater applications. Featuring QuietSeis® technology, it offers superior performance and high-fidelity low-frequency signal recording, essential for advanced seismic imaging. The GPR300 addresses rising industry demand for quality data, positioning CGG as a leader in comprehensive seismic solutions.
CGG announced its Q1 2021 results, highlighting a positive net cash flow of $28 million amidst a seasonal soft quarter. The company achieved $209 million in revenue, but faced a 21% year-on-year decline. Equipment performance remained solid, driven by land equipment deliveries. Successful debt refinancing of $1.2 billion improved capital structure, lowering the cost of debt and extending maturities to 2027. CGG confirmed its financial objectives for 2021, supported by improving market conditions, particularly with oil prices above $60 per barrel.
CGG has secured a significant contract from Equinor for a 3D ocean bottom node (OBN) seismic imaging project in Brazil's Santos Basin, covering an area of 409 sq km. The project aims to deliver a fully imaged dataset within ten months from survey completion in May 2021. Utilizing advanced proprietary technologies, CGG will enhance subsurface imaging, aiding in accurate geological interpretations and future drilling strategies. CEO Sophie Zurquiyah emphasized CGG's expertise and long-standing presence in Brazil, reinforcing its leadership in seismic imaging.