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.
Track breaking developments for CGG (Viridien), the geoscience technology company serving global energy exploration. This news feed covers contract announcements as the company secures seismic processing agreements with national oil companies and independent operators, product launches from the Sercel equipment division including new autonomous node systems and marine acquisition platforms, and financial performance updates detailing quarterly results and cash flow generation. CGG's news flow reflects the cyclical nature of energy services, with contract awards tied to exploration budgets, licensing round participation, and multi-client survey investment decisions.
The company generates distinct news categories relevant to energy sector investors. Multi-client survey announcements reveal where CGG anticipates future exploration activity, as these surveys require upfront capital with revenue recognized over multiple years as operators license the data. Equipment sales and technology launches from the Sercel division indicate product innovation cycles and potential market share gains in geophysical instrumentation. Financial results and operational updates provide insight into utilization rates for seismic vessels and processing capacity, key indicators of industry activity levels. Governance announcements related to CGG's European listing requirements round out the coverage.
Following CGG news offers a window into global offshore exploration trends, particularly in frontier deepwater basins where seismic surveys precede drilling campaigns by months or years. The company's contract wins with national petroleum authorities often signal upcoming licensing rounds, while vessel deployments to specific regions indicate where energy companies are concentrating geological evaluation efforts. Whether you track energy services sector dynamics or specific basin exploration activity, this feed aggregates material developments affecting CGG's operational and financial trajectory.
CGG will hold a Combined General Meeting on May 12, 2021, at 10:30 a.m. Paris time, conducted virtually due to the COVID-19 crisis. Shareholders can participate remotely and must vote by mail or electronically prior to the meeting. CGG will also release its first quarter 2021 results on the same day, before the Paris stock exchange opens. An analyst conference call will follow at 8:00 a.m. Paris time, with all information accessible on CGG's website.
CGG has entered a strategic agreement with dCarbonX to assist in assessing subsurface clean energy projects in Ireland and the UK, including geothermal energy and CO2 storage. This collaboration aims to facilitate the transition from fossil fuels to renewable energy. CGG will leverage its advanced geoscience solutions to evaluate and de-risk these subsurface sites. Both companies are committed to pioneering sustainable energy solutions, with dCarbonX focusing on innovative decarbonization methods. This partnership highlights CGG's dedication to supporting climate initiatives and advancing energy transition technologies.
CGG announces its Combined General Meeting to be held on May 12, 2021, at 10:30 am at its registered office in Massy, France, behind closed doors due to health measures. Shareholders will not be able to attend physically but can vote remotely prior to the meeting. A live audio broadcast will be available on the company's website. The meeting will follow regulations regarding public health and safety, with no new resolutions allowed during the session. Preparatory documents related to the meeting are available online.
CGG has been selected by the European Space Agency to lead a study focused on developing new technologies to tackle plastic pollution in marine environments. Collaborating with Mott MacDonald and Brunel University London, CGG will analyze data and employ AI models to create innovative monitoring solutions. The first phase of the project will last 12 months, assessing the feasibility and commercial viability of satellite-based services designed to detect floating plastic aggregations. CEO Sophie Zurquiyah emphasized the urgency of effective monitoring to mitigate environmental impacts.
CGG has released its monthly report for March 31, 2021, detailing its share capital and voting rights. The company holds a share capital of €7,113,942, with a total of 711,394,241 shares and 711,679,217 theoretical voting rights. This data is in compliance with Article 223-16 of the General Regulation of the French market authority. The registered office is located at 27 avenue Carnot, Massy, France. These figures provide insights into the company's share structure and governance.
CGG announced the issuance of $500 million in 8.75% Senior Secured Notes and €585 million in 7.75% Senior Secured Notes, both due in 2027. This issuance was a prerequisite for settling a tender offer for existing first lien senior secured notes due 2023, which expired on March 29, 2021. Additionally, CGG secured a $100 million Revolving Credit Facility linked partially to greenhouse gas emission targets. Proceeds will be used to settle various existing notes and cover associated costs.
CGG has secured three significant seismic imaging projects from BP, with two projects based in the deepwater Gulf of Mexico and one offshore Trinidad & Tobago. These projects are set to commence in Q1/Q2 of 2021, with data delivery expected by Q4 2021. Utilizing CGG Cloud technology, imaging specialists will apply advanced data-driven algorithms for enhanced imaging quality. Colin Murdoch, EVP of Geoscience at CGG, highlighted the importance of these awards, emphasizing the company's commitment to technology investments during challenging times.
CGG has priced a debt offering of US$500 million in 8.75% senior secured notes and €585 million in 7.75% senior secured notes, both due in 2027. The offering reflects strong market confidence and aims to streamline CGG's capital structure. The proceeds will be used to repurchase existing secured notes and pay associated fees. Additionally, CGG plans to enter a US$100 million Revolving Credit Facility, linked to greenhouse gas emission targets, to enhance financial flexibility.
CGG S.A. has launched an offering of senior secured notes due 2027, totaling approximately US$1.2 billion. The notes, guaranteed by certain subsidiaries, will be issued in both U.S. dollars and euros. CGG has also secured a US$100 million revolving credit facility linked to greenhouse gas emission targets. The net proceeds will be used to repurchase existing senior secured notes and discharge other secured notes. This Tender Offer is contingent on the successful completion of the offering.
