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Viridien Société anonyme (CGGYY) Q3 2024 Earnings Call Transcript

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Viridien Société anonyme (CGGYY) Q3 2024 Earnings Call Transcript

Jean Baptiste Roussille - Corporate Finance and Investor Relations

Sophie Zurquiyah - Chief Executive Officer

Jerome Serve - Chief Financial Officer

Good day and thank you for standing by. Welcome to the Viridien Q3 2024 Financial Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Jean Baptiste Roussille. Please go ahead.

Jean Baptiste Roussille

Yes, thank you. I'm Jean Baptiste Roussille in charge of Corporate Finance and Investor Relations. As just been said, we are in Paris today with Sophie Zurquiyah, our CEO; and Jerome Serve, our CFO. They will provide an overview of the results as well as comments on our outlook. And following the overview of the quarter, we will be pleased to take your questions, obviously.

Thank you, Jean Baptiste. Welcome, everyone, and thank you for joining the presentation of Viridien's Q3 2024 financial results. The macro environment remains volatile with oil prices fluctuating due to geopolitical tensions and oversupply. However, our clients have maintained a stable spending pattern within our sector, driven by long-term offshore investments.

We're also seeing a gradual pickup in exploration efforts, particularly among European IOCs, which had previously reduced their spending during the COVID-19 pandemic. These clients continue to prioritize efficiency and cost discipline. Our third quarter has seen another strong growth at Geoscience, which confirms its strength and ability to drive the group's performance.

Earth Data revenue was lower than expected, with some cut-off effects with continued

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