At the Annual General Meeting on May 15th, shareholders approved the change of the parent company name from CGG to Viridien. In 2018, CGG launched a strategy to transition into a technology company. The strategy had three key pillars: First, become asset light, ensure an efficient cost base, and enable the Company to better generate cash. Second, focus on technology differentiation in our core profitable businesses and third, develop new areas of profitable growth. Since that time, it has divested all its data acquisition services, structured the Company to organically generate cash, and, with the end of its contractual vessel commitments in early 2025, it will become fully asset light.
It has also increased its differentiation in Geoscience, Earth Data and Sensing & Monitoring. Its technologies across these core businesses, from its over 500 petaflops of High-Performance Computing capacity, to its OBN technology and advanced Full-Waveform Inversion (FWI), are clearly in the industry leadership position. Today, it has New Businesses ideally placed for growth in the Low Carbon markets of CCUS and Minerals & Mining, as well as the Infrastructure Monitoring and High-Performance Computing markets outside of oil & gas. In 2023, these New Businesses generated US$90 million in revenue.
With the successful implementation of its strategy, together with the macro market trends of increasing global energy demand, a growing commitment to take care of the planet we live on, the ongoing energy transition, and the continued acceleration of digital technology, the name Viridien makes a clear commitment of who we are today, and who we want to be in the future. The Company has therefore changed its parent company name to Viridien, connecting the Company’s 93-year history to its future and confidently positioning it for growth.
Our new brand will be unveiled starting 10th June, coinciding with a launch at the 2024 EAGE Annual Conference in Oslo. We are excited to share this momentous event with you! If you’re at the conference, please visit our EAGE booth, and keep an eye out for social media updates and the launch of our new website on this historic day !
