(AOF) – CGG today announced that Sercel now has a comprehensive portfolio of nodal solutions down to 6,000m depth to meet the growing demand for Ocean Bottom Node (OBN) seismic surveys. of sea). The full range of OBN solutions includes the GPR300, GPR700, GPR3000 and MicrOBS and is based on Sercel’s unique QuietSeis digital broadband sensor technology.
The GPR300 nodal solution which has been specially designed for seismic acquisition in shallow waters up to 300 meters has been successfully deployed in the field. Since its launch in 2021, more than 50,000 nodes have consistently demonstrated their exceptional efficiency and added value in acquiring the most accurate images of the subsurface.
Building on the success of the GPR300, the GPR700 was unveiled yesterday in Houston at the IMAGE 2023 Congress. The GPR700 extends OBN operations to the edges of the continental shelf and to depths of up to 700 meters.
In response to growing deepwater exploration needs, Sercel is also announcing a GPR3000 nodal solution for high-density OBN studies down to 3,000 meters depth. Complementing Sercel’s OBN offering, the MicrOBS nodal solution is ideally suited for sparse OBN operations in deep waters up to 6,000 meters.
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Key points
– World leader in technology and high performance scientific computing in geosciences;
– Sales of $949 million, 80% of which come from the Geoscience branch and the rest from the Multi-client and equipment divisions;
– “People, data, technology” business model: sustainability of the group through positive self-financing whatever the market conditions thanks to “asset-light”, reinforcement in activities with strong self-financing generation, balance of balance sheet and availability and diversification in the energy transition;
– Split capital, Sophie Zurquiyah being general manager and Philippe Salle chairman of the 11-member board of directors;
– Tight balance sheet with, at the end of March, $2 billion in capital employed against net debt, with the rating raised in April, of $994 million giving a leverage effect of 2.4 and $301 million in cash.
Challenges
– 2025 strategy for transformation into a technology company, with leading positions in basement imaging, cloud, data mining, sensors and acquisition systems: annual revenue growth of 13%; turnover split between monitoring & observation for 37%, digital science for 35% and energy transition;
– Innovation strategy at the source of 30% of annual turnover
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boosted by R&D accounting for 6.2% of turnover, with a portfolio of nearly 1,000 patents and, focused on computing power and image quality,
– based on an Earth Data library with a book value of $291M
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– Environmental strategy with 2 deadlines, 2030 and 2050: 50% reduction in CO2 emissions (vs 2020) then total neutrality / increase in the rate of use of renewable energies to 50% then 100 (vs 30% in 2020) / efficiency of energy use / launch of credit facilities aligned with ESG criteria;
– Strengthening of the monitoring & observation division through the acquisition of Geocamp and the software activity of ION;
– Return of investments in “Beyond the core” (HPC & Cloud solutions, Data Hub, computing capacities, partnerships in hydrogen and decarbonization), aiming for a 25% share of revenues by 2030: acceleration of the Generative AI for HPC and Cloud Solutions
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success of structural monitoring solutions in the United States and entry into the health sector.
Challenges
– Sensitivity of activity to oil & gas exploration and of stock market valuation to changes in interest rates;
– After a 37% increase in turnover and a net loss reduced to $16 million at the end of March, outlook for 2023: growth in demand for Geoscience and Earth data, sustained terrestrial activity, resulting in an increase of 15 to 20% of turnover and an operating margin of 39 to 41%;
– Abolition of the dividend.
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Biogas to green activities
Obtained through the decomposition of waste, it falls into the category of green energy. It is part of the strategy of many countries, particularly in Europe, to reduce their dependence on hydrocarbon imports. The oil groups have strong ambitions in the field, as revealed by two recent operations. The British BP took over the American Archaea Energy for 4.1 billion dollars. Then, the Anglo-Dutch, Shell, announced the acquisition of the Danish Nature Energy for 2 billion dollars. These transactions show high valuation levels, underlining the strong potential of the sector. TotalEnergies had already taken a stake in the American Clean Energy Fuels Corp in 2018, of which it now holds 19%. It recently joined forces with Veolia to recover biomethane from waste treatment facilities.