Group 1 - Viridien will publish its full year 2025 financial results on February 26, 2026, after market close [1][4] - A conference call will be held on the same day at 6.00 pm (CET) to discuss the financial results [5] - Participants must register for the conference call to receive a dial-in number and PIN code, and a replay will be available for 12 months on the company's website [2] Group 2 - Viridien is an advanced technology, digital, and Earth data company focused on sustainable solutions for natural resource, digital, energy transition, and infrastructure challenges [3] - The company employs approximately 3,200 people globally and is listed as VIRI on the Euronext Paris SA [3]

Core Viewpoint - Viridien is set to release its full year 2025 financial results on February 26, after market close, indicating a significant upcoming event for stakeholders [1]. Company Overview - Viridien is an advanced technology, digital, and Earth data company focused on sustainable solutions for complex challenges in natural resources, digital innovation, energy transition, and infrastructure [3]. - The company employs approximately 3,200 people globally and is listed on Euronext Paris SA under the ticker VIRI [3]. Conference Call Details - Participants interested in the conference call must register to receive a dial-in number and PIN code, with options for live webcasting and a replay available for 12 months on the company's website [2][4]. - The English-language conference call is scheduled for 6:00 PM CET on the same day as the financial results release [4].

Summary of Global Oil Services Conference Call Industry Overview - The focus is on the **Global Oil Services** industry, with a specific outlook for **2026** highlighted in the report [1][2]. Core Insights and Arguments - The report suggests that the oil services sector may be at an **inflection point**, primarily driven by changing investor perceptions rather than fundamental economic shifts [2][3]. - Investor interest has been historically low, but there are signs of a shift as the sector's valuation improved from **1.3x EV/Revenue** in October 2025 to **1.44x** in December 2025, following positive earnings calls from major companies [3][19]. - **Thirteen relevant themes** have been identified for the oil services sector, with five expected to gain momentum in 2026: 1. Investor interest 2. The Middle East 3. OCTG (Oil Country Tubular Goods) 4. Exploration 5. Digital advancements [4][23]. Key Themes and Trends - The **Middle East** is expected to see a significant increase in capital expenditures, particularly with **Adnoc** launching a **$150 billion** capex plan for 2026-2030 [4][24]. - **OCTG** volumes are anticipated to rise in the second half of 2026, with potential price increases due to steel tariffs and improved pricing power [4][24]. - **Exploration** spending is set to increase, with companies like **Chevron** planning to boost exploration capex by approximately **50%** [4][24]. - The **Digital** sector is highlighted as a growth area, with companies like **SLB** and **Adnoc** investing in AI tools to enhance operational efficiency [4][25]. Financial Strength and Valuation - The oil services industry is reported to be in a stronger financial position compared to previous cycles, with a **CFO-to-revenue ratio** of **15%**, a **net-debt-to-assets ratio** of **14%**, and a **ROIC** of **9%** [26][27]. - Despite a supportive macro environment, investor engagement in the sector has not met expectations, indicating potential for future growth [7][26]. Investment Recommendations - The report lists preferred stocks for 2026: - **Tenaris** (Target Price: €21) - **SLB** (Target Price: $52.3) - **Vallourec** (Target Price: €22.6) - **Saipem** (Target Price: €3.54) - **Subsea 7** (Target Price: NOK240) [5][41]. - Short-term trading opportunities are identified in **Technip Energies**, **GTT**, **Viridien**, **SBM Offshore**, and **Rubis** [5][41]. - Long-term value is seen in **Adnoc Drilling** and **Adnoc L&S** [5][41]. Additional Insights - The oil services sector has largely **decorrelated from oil prices** since 2022, indicating a shift in how the sector's performance is influenced by oil market fluctuations [32][36]. - The **free cash flow** for the industry reached **$26 billion** in 3Q25, surpassing the previous peak of **$15.5 billion** in 2015, reflecting strong cash generation capabilities [37][39]. Conclusion - The Global Oil Services industry is poised for potential growth in 2026, driven by improved investor sentiment, strategic capital investments in the Middle East, and advancements in digital technology. The financial health of the sector supports a positive outlook, with several companies identified as key investment opportunities.

Core Insights - The company achieved solid operational performance in 2025, driven by growth in Data, Digital & Energy Transition, while completing the restructuring of Sensing & Monitoring [2] - The company generated over $130 million in cash, which was allocated to debt repayment, enhancing its financial position as it enters 2026 [2] - The focus remains on delivering outstanding products and services with operational excellence to support sustainable cash generation and ongoing debt reduction [2] Financial Performance - Segment revenue is expected to exceed $1,150 million, with Geoscience revenue exceeding $440 million (a 10% year-on-year increase) and Earth Data revenue exceeding $400 million [6] - Solid cash flow generation above $130 million resulted in a Net Cash Flow for 2025 exceeding $100 million after repaying a $28 million asset-backed facility related to the Group's HPC infrastructure [6] - Bond repayments totaled $97 million, fully utilizing the 10% annual optional redemption clause included in the bond documentation [6] - Net debt (pre-IFRS 16) is expected to be around $750 million at year-end [6] Company Overview - Viridien is an advanced technology, digital, and Earth data company focused on resolving complex challenges in natural resources, digital, energy transition, and infrastructure [4] - The company employs approximately 3,200 people worldwide and is listed as VIRI on the Euronext Paris SA [4]

Core Insights - Digital innovation is rapidly becoming a core driver in the oilfield services industry, with significant cost-saving potential estimated at over $320 billion in the next five years through various digitalization efforts [1][2] - The oilfield services ecosystem is expected to undergo a major transformation, with core companies shifting towards a "digital-first" business strategy [1] - The frequency of mentions regarding digitalization in financial disclosures is increasing, indicating its growing importance in the industry [1] Digitalization Impact - Key areas for digitalization include drilling optimization, autonomous robotics, predictive maintenance, reservoir management, and logistics optimization [1] - Schlumberger has begun reporting its digital segment's performance separately, projecting a profit margin of 35% for this segment by 2025 [1] - Viridien reported a revenue of $787 million from its digital, data, and environmental segment last year, reflecting a 17% year-over-year growth [1] Challenges and Responses - The widespread adoption of digital oilfields faces obstacles such as high initial hardware and software investments, ongoing maintenance costs, and cybersecurity expenses [2] - Medium-sized companies are selectively enhancing specific digital capabilities to improve services, while smaller niche firms focus on providing modular and customized solutions [2] - Collaboration between oilfield service companies and technology firms is increasing, enhancing internal digital capabilities and complementing merger and acquisition activities in the digital space [2]

Core Insights - Viridien has launched a multi-client seismic reimaging program over Angola's offshore block 22 to support the upcoming licensing round, covering an area of 4,300 sq km [1] - The new data set aims to provide insights into underexplored structures along the Atlantic Hinge zone, similar to the proven Cameia and Golfinho fields, with fast-track results expected in Q1 2026 and final products in Q3/Q4 2026 [1][2] - The reimaging will utilize advanced proprietary technologies, enhancing the existing 2,900 sq km data from nearby block 20/11, resulting in over 7,200 sq km of broadband PSDM data for regional play evaluation in the Kwanza Basin [2][3] Company Overview - Viridien is a technology-driven company focused on Earth data, aiming to provide innovative solutions for natural resources and energy transition challenges [4] - The company employs approximately 3,200 people globally and is listed on Euronext Paris SA under the ticker VIRI [4]

Core Points - Viridien has reinstated a dissociated governance structure by splitting the roles of Chair and Chief Executive Officer [1] Group 1 - The Board of Directors of Viridien has made a strategic decision to separate the functions of Chair and Chief Executive Officer to enhance governance [1]

Core Viewpoint - Viridien is reinstating a dissociated governance structure by separating the roles of Chair and Chief Executive Officer, with Sophie ZURQUIYAH remaining as Chair and Henning BERG appointed as Group CEO effective June 3, 2026 [1][2][4]. Group Structure and Leadership Changes - The Board of Directors has unanimously decided to split the functions of Chair and CEO, with Sophie ZURQUIYAH stepping down from executive responsibilities at the end of her term in 2026 [2][5]. - Henning BERG will join Viridien as Chief Operating Officer on March 3, 2026, before officially taking over as CEO [4][6]. - The transition aims to ensure strategic continuity and leverage the company's strong financial foundation and diverse portfolio established under ZURQUIYAH's leadership since 2018 [3][6]. Leadership Background - Sophie ZURQUIYAH has led Viridien through a significant transformation, positioning the company as an asset-light, technology-driven entity [3][6]. - Henning BERG brings over 27 years of experience in the oil and gas services industry, with a strong background in operational expertise, technology, and international management [6]. Company Overview - Viridien is an advanced technology and Earth data company focused on sustainable solutions for complex challenges in natural resources, digital energy transition, and infrastructure [7]. - The company employs approximately 3,200 people globally and is listed on Euronext Paris SA under the ticker VIRI [7].

Summary of Global Oil Services Conference Call Industry Overview - The report discusses the **Global Oil Services** industry, focusing on the outlook for 2H25 and FY26, highlighting both positive and negative signals in the market [1][2]. Key Insights 1. **Financial Strength**: The industry is currently in a strong financial position, although it is trading at historically low multiples. Many investors have not capitalized on the O&G capex recovery from 2022-24 [1][2]. 2. **Conflicting Signals**: There are concerns regarding oil supply and price stability, with questions about whether oil will remain oversupplied and if prices might decline. Additionally, there are indications of weakening International/Offshore activity, which could be exacerbated by high consensus expectations [1][2]. 3. **US Market Activity**: The Dallas Fed survey indicates a rapid deterioration in US activity expected in 4Q25, despite a stabilizing rig count. Current consensus expectations for the US market are low [1][2]. 4. **Optimism from Key Players**: Companies like GTT and Viridien express optimism ahead of 3Q25, contrasting with the overall cautious sentiment [1][2]. Regional Activity Recovery 1. **Diverging Opinions**: There are differing views on whether North America or international markets will lead the recovery. SLB suggests North America will remain constrained due to economic challenges, while Halliburton believes it is positioned for recovery [3][4]. 2. **Investment Implications**: The outlook for 2026-27 is more positive than generally perceived, with potential catalysts for the sector. The report suggests that 4Q25 may represent a low point for North America, and given the sector's low valuation (approximately 1.3x EV/Revenue), there is significant upside potential for various stocks [4][6]. Preferred Investment Calls - **Next 6 Months**: GTT (Target Price €193), Viridien (Target Price €94), SLB (Target Price $47.60) - **Next 12 Months**: SBM (Target Price €24), Rubis (Target Price €38.7), Vallourec (Target Price €22.6), Tenaris (Target Price €21) - **Next 18 Months**: Adnoc Drilling (Target Price AED6.76), Saipem (Target Price €3.54), Subsea (Target Price NOK240) - Notably, GTT, SBM, and Rubis are largely de-correlated from oil prices [6]. Conclusion - The Global Oil Services industry is at a critical juncture with mixed signals regarding future activity and investment opportunities. The financial strength of the sector, combined with low valuations, presents potential upside for select stocks, while regional disparities in recovery expectations highlight the complexity of the market landscape [1][4][6].

Core Insights - Egypt's Minister of Petroleum and Mineral Resources, Karim Badawy, announced a five-year oil and gas exploration plan, which includes drilling approximately 480 exploration wells and attracting an investment of $5.7 billion [1] - The plan aims to drill 101 wells in 2026, primarily located in the Western Desert, Suez Gulf, Mediterranean, and Nile Delta regions [1] - The initiative includes signing 21 new exploration agreements with international energy companies within a year, with a target to increase petrochemical product exports to $4.2 billion by 2030 [1] - The Egyptian Natural Gas Holding Company will collaborate with international energy firms like Schlumberger and Viridien for seismic survey operations in the eastern Mediterranean to maximize Egypt's gas potential and enhance exploration investment opportunities [1]