Henning Berg, in his first interview since becoming CEO of Viridien (formerly CGG) less than a month ago, outlines the company's strategic focus on achieving the seismic industry's "holy grail": using advanced imaging technology to directly identify reservoir rock and fluid properties from seismic data. Central to this effort is Viridien's full waveform inversion (FWI) technology, which analyzes entire recorded wavefields to improve accuracy and reduce geological uncertainty, particularly in complex environments like deepwater and subsalt. While FWI currently serves as an interpretation tool and remains computationally expensive for large-scale use, Berg notes that customers are willing to pay for higher-quality images that reduce drilling risk and improve success rates, positioning Viridien as a "clear leader" in this space.

Strategic Investments and Technology Focus

Viridien is investing heavily in high-performance computing (HPC) capacity, including a new hub in Brenham, Texas, set to open in late 2025, which will add to its existing 700 petaflops of capacity across the US and UK. The company aims to sell excess capacity to other service firms for reservoir simulations, leveraging its expertise in optimizing compute for industry-specific needs over hyperscalers like Amazon or Microsoft. Berg emphasizes that integrating research and development into every project drives technology forward and is highly valued by customers, as it keeps Viridien ahead in a fast-moving technology cycle. This technology-centric culture, combined with an asset-light strategy following the sale of its marine seismic vessels in 2020, allows the company to focus on its core strengths in imaging, processing, and equipment manufacturing.

Market Position and Business Divisions

Viridien operates three main divisions: imaging, equipment manufacturing (Sercel), and multi-client services, holding over 50% market share in the first two. The multi-client business targets around $200 million in annual investment, focusing on Norway, the US Gulf, and Brazil, where stable government policies and regular licensing rounds support operations. Berg is not concerned about supermajors entering agreements with governments that bypass seismic acquisition obligations, as he believes this will generate more work for Viridien in the long run. Exploration opportunities extend beyond core areas to the Mediterranean (Egypt, Malta, Libya), West Africa (Angola, Nigeria, Ivory Coast), and the Americas (Brazil, Uruguay, Guyana, Suriname), driven by portfolio diversification away from the Middle East.

Growth Drivers and Challenges

Sercel's ocean bottom node (OBN) technology is a key growth driver, offering enhanced image quality for subsalt imaging in the US Gulf, though its high deployment costs remain a challenge. Berg sees cost-effective node deployment as a significant value opportunity for the industry. In contrast, the renewable energy technologies business, including CCUS, mining, and geothermal, has grown slower than expected, representing only 10% of revenues versus a 20% target by 2025. Berg advocates patience and a long-term approach for these sectors. The company recently signed a five-year agreement with Aker BP for OBN data acquisition and imaging, a model Berg aims to replicate with other operators, positioning Viridien as their processing department. He expects the processing division to grow from 40% to 50% of the business over time, supported by technology and human expertise, with only 1% of 8,000 annual applicants hired.

Outlook and Industry Context

Berg takes over at an inflection point for the industry, marked by years of underinvestment in exploration and a looming resource gap by 2050. An upcycle would benefit the seismic sector after a tumultuous period following the 2014 oil price crash. Viridien's restructuring under former CEO Sophie Zurquiyah, including the sale of its marine