Viridien Announces its Q2 and H1 2024 Results

Paris, France | Jul 30, 2024

Strong results driven by Geoscience's performance
Revenue at $258m for Q2; $532m (+7% year-on-year) for H1
Adjusted EBITDA at $94m for Q2; $200m (+17% year-on-year) for H1
Net cash-flow at $(6)m for Q2; $24m for H1
 

Viridien (ISIN: FR0013081864 until July 30; ISIN: FR001400PVN6 from July 31), a global technology and high-performance computing (HPC) leader, announced today its second quarter and first half 2024 non-audited results. 

Commenting on these results, Sophie Zurquiyah, Viridien CEO, said: “The second quarter confirmed the favorable environment that we anticipated for our Geoscience and Earth Data businesses, with strong order intake and a good pipeline of multiclient projects leading well into 2025. In particular, we started a significant ocean bottom node project in the Gulf of Mexico, featuring several of our leading technologies that are critical to solving subsurface complexities.
Sensing & Monitoring revenue lowered this second quarter without “mega crew” equipment orders in 2024 and we are making good progress with its transformation plan to mitigate the impact on financial results.
Following our recent S&P credit rating upgrade, we have signed an extension of our $100 million revolving credit facility to October 2026, a key element of our financial roadmap. 
Given our solid performance in the first half of the year and improved visibility for the second half, we reiterate our full year targets for Revenue, EBITDA and Net Cash Flow."

Second Quarter Highlights

• IFRS Revenue, EBITDA and Net Income: $317 million, $150 million and $35 million.
• CGG changed its name to Viridien, marking the next stage in its strategic growth as an Advanced Technology, Digital and Earth Data company.
• DDE: strong revenue growth (+24%) and order intake (+91%) with good momentum for both Geoscience and Earth Data.
• Overall group revenue decline, because of the absence of mega crew in Sensing & Monitoring (SMO) compared to Q2 2023.
• DDE Adjusted EBITDA of $96 million, a 26% increase vs last year, offset by SMO decline (-82% at $6 million).
• Final settlement with ONGC of our ten-year-old commercial litigation.
• Net Cash flow of $(6) million, with contractual fees from vessel commitments of $(13) million.
• Liquidity at $430 million (including $ 90 million undrawn RCF).
• Standard & Poor credit rating upgrade to B- (from CCC+) and revolving credit facility extended twelve months to October 2026. 

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Q2 2024 Conference call:

Participants should register for the call here to receive a dial-in number and code or participate in the live webcast from here.

A recording of the conference call will be made available the day after for a period of 12 months in audio format on the Company's website www.viridiengroup.com.