Standard & Poor's upgrades Viridien's credit rating
Viridien has announced that Standard & Poor's has upgraded its long-term issuer credit rating to "B" from "B-", with a stable outlook, while the rating on its senior secured notes has been raised to "B+" from "B".
S&P stated that "the company has demonstrated improved performance stability over the past few years in a volatile market environment, supported by the expiration of the onerous Shearwater contract in 2025, as well as rigorous cost management and a strategic shift toward higher value-added projects."
This upgrade follows the recent confirmation of Viridien's corporate rating by Moody's at "B2" with a stable outlook. Last December, Fitch Ratings also affirmed its "B" rating with a stable outlook.
"We remain focused on strengthening our financial profile, maintaining solid performance, and ensuring disciplined capital allocation to drive shareholder value creation," commented Jérôme Serve, Chief Financial Officer of Viridien.
Viridien is one of the leading international providers of geophysics services and products intended for oil and gas companies. Net sales (including intragroup) break down by activity as follows:
- geophysics services (72.5%): recording, processing, and interpretation of land and marine seismic data;
- manufacturing of seismic equipment (27.5%): recording and transmission equipment, vibrators for capturing seismic data, data processing and interpretation software, etc.
Net sales are distributed geographically as follows: France (1.3%), Norway (16.7%), Europe/Middle East/Africa (24.8%), the United States (26.9%), North America (0.3%), China (7.5%), Asia/Pacific (9.2%), Brazil (7%), Mexico (3.4%) and Latin America (2.9%).
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