Viridien Brand FAQ
After shareholder approval at the Annual General Meeting on May 15, 2024, our name has changed from CGG to Viridien.
At the Annual General Meeting on May 15th, shareholders approved the change of the parent company name from CGG to Viridien. Following this near unanimous decision, the new Viridien brand was launched on June 10th.
Sophie Zurquiyah, CEO, introducing the new company name to employees on April 10th.
“I am delighted that our organization's new name, Viridien, was approved at our 2024 Annual General Meeting this week. This momentous occasion marks a pivotal moment in our timeline, linking our distinguished 90+ years of history as CGG to our forward-looking trajectory as Viridien.”
Sophie Zurquiyah, CEO, May 16th
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, all data acquisition services have been divested, the Company was restructured to organically generate cash, and, with the end of contractual vessel commitments in early 2025, it will become fully asset light.
The company increased its focus on the core businesses of Geoscience, Earth Data and Sensing & Monitoring. The technologies across these core businesses, from the 500+ petaflops of High-Performance Computing capacity, to the Ocean Bottom Node (OBN) equipment and imaging portfolio and advanced Full-Waveform Inversion (FWI) technology, are all clearly in the industry leadership position.
Today, the company also 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 initial implementation of our strategy, the launch of our new brand, Viridien, makes a clear commitment to all our stakeholders of the journey we are on, and our ambitions for the future. It connects the Company’s 93-year history to its future, confidently positioning it for growth.
Q&A
What is the timeline for the name change?
The change of the parent company name from CGG to Viridien was approved at the Annual General Shareholders' Meeting on May 15, 2024, and takes effect from that date.
When will the new logo and brand be launched?
The new brand, logo and website will be unveiled on June 10th, coinciding with a launch at the 2024 EAGE Annual Conference in Oslo. Until June 10th the current CGG logo and brand will continue to be used.
Is the name change linked to a change in our strategy or organization?
No, the change of name, to Viridien will reinforce the continued successful implementation of our existing strategy and current organization.
How does the Company's listing on the Paris Stock Exchange?
On May 21st, the stock ticker symbol changed from CGG to VIRI.
The ISIN code remains the same: FR0013181864.
Does this change have any implications on existing contracts and agreements?
Despite the change of parent company name, the legal entity name remains the same.
Therefore, in general terms, a change of name of a party is not a variation of contract as such, so, contracts remain in force and valid, including all their rights and obligations. The only reason to amend a contract to reflect the new name is if, unusually, the agreement makes express provision to that effect.
In addition, the names of our subsidiaries (example: CGG Services SAS and CGG Services (US) Inc.), did not change at the General Meeting on May 15, 2024, and their contracts are also not impacted by the name change of their parent company.
This change does not affect our daily operations, and all aspects of our business are continuing as usual.
Does this change have any implication for contractors and suppliers?
This change does not affect our daily operations including contracts, purchase orders, invoicing, bank account details, contact details, etc. All aspects of our business including supply chain and accounts payable services continue as usual.