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Viridien reports recurring developments for an advanced technology, digital and Earth data company serving natural resource, digital, energy transition and infrastructure markets. Company updates commonly cover quarterly and annual results, cash generation, segment performance, capital expenditure, working capital, and the contribution of Geoscience and Earth Data activities.
News also tracks deleveraging actions, bond redemptions, senior secured notes, credit-rating updates, and regulated French market disclosures. Recurring governance and capital-structure notices include AMF voting-rights and share-count publications, Universal Registration Document filings, corporate governance reporting, and sustainability-information certification.
- Integration with ONGC's ERP systems for efficient data exchange
- Advanced AI and ML algorithms for enhanced operational efficiency
- Support for ONGC's carbon neutrality goals
- Flexibility for both cloud-based and on-premises deployment
Viridien held its Combined General Meeting on April 30, 2025, where shareholders approved all proposed resolutions. Key highlights include the appointment of new statutory auditors - DELOITTE & ASSOCIES and BDO PARIS - and the renewal of board member terms.
Notable board changes include Sophie ZURQUIYAH being appointed as Chairperson and Chief Executive Officer until 2026, while Philippe SALLE transitions to Vice-Chairman and Lead Independent Director. The board now consists of 8 directors, with impressive diversity metrics: 87.5% independent directors and 50% women.
The company restructured its committees into four key areas: Audit and Risk Management, Appointment, Remuneration and Governance, New Businesses and M&A, and Sustainability. Patrick CHOUPIN's term as employee representative director concluded, with no replacement needed due to changed headcount thresholds.
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.