Viridien (NYSE:CCG), the advanced technology and digital data group formerly known as CGG, released a bullish preliminary 2025 update on Monday, showcasing the fruit of its multi-year "asset-light" transformation.
The company reported robust revenue growth across its core segments and a significant strengthening of its balance sheet through active liability management.
The Paris-based firm expects full-year segment revenue to surpass $1,15 billion, a steady increase over 2024’s $1.12 billion.
The growth was led by the Geoscience division, which saw revenue climb 10% to more than $440 million as energy majors ramped up spending on high-end imaging and sub-surface data.
The Earth Data segment also performed strongly, contributing over $400 million to the top line.
The highlight of the report was Viridien’s success in reducing its debt load.
The group repaid $97 million of bonds, fully utilizing its 10% annual optional redemption clause to reduce gross debt.
Viridien also repaid a $28 million asset-backed facility related to its High-Performance Computing (HPC) infrastructure.
Estimated net debt (pre-IFRS 16) now stands at approximately $750 million, down from nearly $1 billion just 18 months ago.