Sentry Page Protection
Please Wait...
SARRIA - Credit Opportunities
Cart 0
Home ABOUT Events TEAM COVERAGE Updates LEGAL ANALYSIS IN THE NEWS CAREERS
CONTACT LOGIN
Cart 0
HomeABOUTEventsTEAMCOVERAGEUpdatesLEGAL ANALYSISIN THE NEWSCAREERS
SARRIA - Credit Opportunities
CONTACTLOGIN

VIRIDIEN (CGG)

www.viridiengroup.com

London-14.jpg

SARRIA LIVE MODEL
SARRIA ANALYSIS
CORPORATE FILINGS

View fullsize Viridien Nov 25-images-0.jpg
View fullsize Viridien Nov 25-images-1.jpg
View fullsize Viridien Nov 25-images-2.jpg
View fullsize Viridien Nov 25-images-3.jpg
View fullsize Viridien Nov 25-images-4.jpg
View fullsize Viridien Nov 25-images-5.jpg
View fullsize Viridien Nov 25-images-6.jpg
View fullsize Viridien Nov 25-images-7.jpg
View fullsize Viridien Nov 25-images-8.jpg
View fullsize Viridien Nov 25-images-9.jpg
View fullsize Viridien Nov 25-images-10.jpg

SARRIA News - CMA CGM
Viridien - comment
Feb 27, 2026
Viridien - comment
Feb 27, 2026

No surprises from Viridien, as the business generated cash and bought back bonds in 2025. It intends to do the same in 2026, assuming the

Feb 27, 2026
Jan 12, 2026
Viridien - comment
Jan 12, 2026

The financial update from Viridien for FY25 is slightly above our projections, with revenue of USD1,150m vs. our forecast of

Jan 12, 2026
Jan 9, 2026
Viridien - comment
Jan 9, 2026

If Viridien sells its Sensory equipment business, we estimate a valuation of around $170m - $200m (5.5x – 6.5x LTM EBITDA). We would expect some

Jan 9, 2026
Nov 19, 2025
Viridien - comment
Nov 19, 2025

Viridien is splitting the CEO/Chair role when Sophie Zurquiyah steps down in June 2026, which is evidence of good corporate governance. Keeping

Nov 19, 2025
 Viridien – Delivery - Model Update
Nov 13, 2025
Viridien – Delivery - Model Update
Nov 13, 2025

Please find our updated analysis here.

Viridien has delivered on the promise to move to an asset-light business and has been rewarded with rising free cash flow generation as

Nov 13, 2025
Viridien - comment
Oct 31, 2025
Viridien - comment
Oct 31, 2025

The Q3 result was strong; the company reaffirmed its $100m net cash flow expectations for the full year. Repayment or factoring of

Oct 31, 2025
Viridien - comment
Aug 1, 2025
Viridien - comment
Aug 1, 2025

The Q2 2025 numbers did not contain any surprises. We still forecast FY revenue at $1.1bn and EBITDA of around $500m. The company generated

Aug 1, 2025
Viridien - comment
Apr 30, 2025
Viridien - comment
Apr 30, 2025

The Q1 numbers were strong. DDE (data business) benefited from NOCS and E&P majors gearing up for a stronger drilling environment. The SMO (manufacturing) business saw a

Apr 30, 2025
Apr 4, 2025
Sarria: Tariff Terror - what it means for every name
Apr 4, 2025

As tariffs continue to influence market dynamics, we've taken a comprehensive look across our coverage to highlight the names most likely to be affected. For full transparency, we've also included those that remain unaffected—it's just as important to understand where the impact isn't being felt. 

The idea here is

Apr 4, 2025
Mar 10, 2025
Viridien - comment
Mar 10, 2025

Refinancing the USD/EUR notes due 2027 was raised as an option during the FY call. The new SSNs will push the maturities out to 2030. Interest costs will

Mar 10, 2025
Viridien - comment
Feb 28, 2025
Viridien - comment
Feb 28, 2025

The Data business was strong, but with 2023 a tough comp, the Manufacturing business lagged. The company expects to refinance its April 2027 bonds in

Feb 28, 2025
Viridien - comment
Nov 1, 2024
Viridien - comment
Nov 1, 2024

The DDE segment performed strongly, but SMO was disappointing (down 50%) due to a shift of deliveries into Q4. Full-year guidance was

Nov 1, 2024
CGG/Viridien - comment
Jul 31, 2024
CGG/Viridien - comment
Jul 31, 2024

Results were positive for creditors. Revenue was 8% light vs our model on lower-than-expected orders in the Sensor and

Jul 31, 2024
Jun 28, 2024
Viridien (CGG) - comment
Jun 28, 2024

The 1/100 stock split has no impact on cash, but for the equity moving the stock price from the €0.48 today is optically

Jun 28, 2024
May 17, 2024
CGG - comment
May 17, 2024

Post the AGM, the name change to Viridien has now happened.

May 17, 2024
Sarria Limited
14 Grays Inn Road,
London, England, WC1X 8HN,
United Kingdom
info@sarria.co.uk
Hours
European Credit Research
 
Euro IRP
2.png
FreiLibertas Stephen Phillips
BlackRobin Group Catherine Baulamon