Viridien (previously known as CGG) has released their 2Q24 results overnight. We have extracted relevant information on their Geoscience segment (direct comparable with DUG).
The seismic data processing and imaging market continues to strengthen and grow. We note Viridien’s Geoscience revenue grew 31% 2Q24 v 11% 1Q24.
Viridien has a self-proclaimed 40% market share in seismic data processing and imaging.
We note their 520 pflops of compute is in single precision format, whilst DUG reports their flops in double precision – the industry standard. (The 520 pflops can roughly be halved for more meaningful comparison).
We have also previously noted that HPL/flops should only be used as a starting reference point to determine comparative usefulness for computational challenges.
We also note Viridien has US$1.3bn of debt (US$350m mcap) and plenty of legacy problems and businesses. We believe the Geoscience segment is their crown jewel, but the debt and legacy issues hinders reinvestment into the segment.
Viridien (previously known as CGG) has released their 2Q24...
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