Henning Berg, in his first interview since becoming CEO of Viridien (formerly CGG) less than a month into the role, outlines the company's strategic focus on achieving the seismic industry's "holy grail": using advanced imaging technology to directly identify subsurface oil and gas reserves. Central to this effort is the company's full waveform inversion (FWI) technology, which Berg states is being refined to the point where it can clearly distinguish reservoir rock and fluid properties, moving beyond traditional interpretation tools. While FWI currently requires significant computing power and is 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, particularly in complex geologies like deepwater and subsalt.

Strategic Investments and Technology Leadership

Viridien is investing heavily in high-performance computing (HPC) to advance its imaging capabilities, including a new hub in Brenham, Texas, set to open in late 2025. This will add to the company's existing 700 petaflops of HPC capacity across the US and UK. Berg emphasizes that while Viridien is smaller than hyperscalers like Amazon or Microsoft, its optimized compute solutions are tailored to customer needs. The company plans to sell excess capacity to other service firms for reservoir simulations. Berg highlights that Viridien's strong technology culture, which integrates research and development into every project, was a key draw for him, positioning the company as a leader in seismic processing.

Market Position and Business Strategy

Berg took over at a time of industry inflection, following years of underinvestment in exploration due to the energy transition, which has created a resource gap by 2050. Viridien, having undergone major restructuring under former CEO Sophie Zurquiyah—including selling its marine seismic vessels in 2020 and rebranding—now operates an asset-light model focused on three core divisions: imaging, equipment manufacturing (via Sercel), and multi-client surveys. Berg notes that Viridien holds over 50% market share in imaging and equipment manufacturing. The multi-client business targets around $200 million in annual investment, with key focus areas in Norway, the US Gulf, and Brazil. Berg is not concerned about supermajors signing exploration agreements without seismic obligations, as he believes this will generate future work.

Exploration Opportunities and Technology Applications

Berg identifies exploration hotspots beyond core areas, including the Mediterranean (Egypt, Malta, Libya) due to proximity to European gas markets, and West Africa (Angola, Nigeria, Ivory Coast) where favorable government policies could accelerate activity. In the Americas, Brazil, Uruguay, Guyana, and Suriname present significant opportunities. On the technology side, Sercel's ocean bottom nodes (OBN) are a key growth driver, offering enhanced image quality for subsalt imaging in the US Gulf, though Berg acknowledges the challenge of cost-effective deployment. He sees potential in replicating a recent five-year OBN agreement with Aker BP with other operators, aiming to become their processing department.

Renewable Energy and Long-Term Outlook

Berg notes that Viridien's "beyond the core" sectors—including mining, carbon capture (CCUS), and geothermal—have not grown as expected, representing only 10% of revenues versus a previous target of 20% by 2025. He advises patience, particularly for CCUS, which has tapered off. Looking ahead, Berg expects the processing division to grow from 40% to 50% of the business over the long term, supported by technology and human expertise. He emphasizes that while machine learning and AI are natural evolutions for the industry, seismic imaging remains a multiphysics-based problem requiring skilled people and deep understanding. Viridien's focus