Viridien - comment

The upgrade from S&P is a minor positive for creditors, but most of the rationale behind the S&P change is already reflected in the price. S&P is only slightly above our EBITDA forecast (USD486m vs USD500m at the agency), and we agree that debt reduction (bond buybacks) will continue in 2026. An extended conflict in the Middle East could lead to the cancellation of some oil projects, but the region represents only 10% Viridien’s business. The duration of the conflict is uncertain. In the longer term, higher oil prices are likely to boost demand for E&P surveys outside the Middle East.

https://www.spglobal.com/ratings/[lang]/regulatory/article/-/view/type/HTML/id/3541796