The following is a summary of the Viridien Société Anonyme (CGGYY) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 revenue reported at $258 million, with Geoscience and Earth Data segments showing growth, contrasting with a decline in the Sensing and Monitoring segment.

• Adjusted EBITDA decreased 10% year over year to $94 million, impacted by the mixed performance across different segments.

• Net cash flow for Q2 was near breakeven at minus $6 million, significantly improving from the previous year's major swing in working capital requirements.

Business Progress:

• Viridien continues development in both core businesses of Geoscience, Earth Data, and Sensing and Monitoring, and new areas such as low carbon markets, high-performance computing, and infrastructure monitoring.

• Expansion into new geographies for exploration including Brazil, Uruguay, and Malaysia, and an increase in Geoscience activities driven by offshore E&P CapEx.

• The company has initiated significant multi-client projects such as the Laconia project in the Gulf of Mexico, supported by strong pre-funding.

• A partnership signed with Baker Hughes for carbon capture solutions and Wrench Computing for computational support.

• Operational turnaround plan underway in the Sensing and Monitoring segment to improve profitability during market volatility.

Opportunities:

• Leveraging technology advancements in Geoscience and Earth Data for opportunities in traditional and new market sectors such as carbon capture and storage, and minerals and mining.

• A new business momentum, with engaged strategic partnerships and project pre-funding leading to potential high-value multi-client projects in oil and resurgence markets.

Risks:

• Continuing volatility in the Sensing and Monitoring market expected, influencing revenue stability.

• Geopolitical and permitting delays possibly affecting project timelines and operational costs, specifically noted with environmental permitting impacting vessel utilization.

More details: CGG Sponsored ADR IR

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