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 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.
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CGG has registered its Universal Registration Document for the 2020 financial year with the French Market Authorities (AMF) as of March 5, 2021. This document, available to the public, includes key information such as the corporate governance report, auditors’ reports, details on the share buyback program, and the annual financial report. CGG is a global leader in geoscience technology, employing around 3,700 people and providing data and solutions for natural resource and infrastructure challenges.
CGG announced its Q4 and full year 2020 results, showcasing a challenging year impacted by the oil & gas market collapse. For Q4, revenue was $217 million, with a segment EBITDAs margin of 43%. Full year revenue totaled $886 million, down 35% YoY. Despite a net loss of $100 million in Q4 and $438 million for the year, the company expects a recovery in 2021 with positive net cash flow. Segment backlog as of January 1, 2021, stands at $421 million. CGG aims for carbon neutrality by 2050, highlighting its ongoing investments in geoscience technologies.
CGG reported its monthly share capital update as of February 28, 2021. The company has a share capital of €7,113,935, with a total of 711,393,503 shares outstanding. The number of theoretical voting rights stands at 711,645,969, indicating a minor difference in the voting rights due to share issuance or treasury shares. This information complies with Article 223-16 of the General Regulation of the French market authority.
CGG is set to announce its fourth quarter 2020 results on March 5, 2021, before the Paris stock exchange opens. The press release and slide presentation will be accessible on its website at 7:00 am, followed by an English language conference call at 8:00 am (Paris time). Interested parties can join the audio webcast through CGG's website, and a replay will be available the next day for 12 months. As a global leader in geoscience technology, CGG employs around 3,700 people and offers solutions for natural resource and infrastructure challenges.
CGG has released its monthly update, detailing the number of shares and voting rights as of January 31, 2021. The company reported a total of 711,393,125 shares outstanding and 711,644,442 theoretical voting rights. This information complies with Article 223-16 of the General Regulation of the French market authority. The transparent disclosure of share capital details is crucial for investors and stakeholders to understand the voting power within the company.
CGG challenges attempts to destabilize its safeguard plan. The company denies initiating a publication concerning general meetings of holders of convertible bonds, which was instead done by former representative Jean Gatty. CGG asserts that these bonds have been fully repaid by conversion into shares, rendering the meetings invalid. Furthermore, Gatty has filed appeals against the safeguard plan, but CGG contests his claims. The company plans legal action against these destabilization attempts, including a complaint for slander.