Goldman Sachs Gives Viridien a Boost with Buy Rating

Goldman Sachs has initiated coverage of Viridien with a Buy rating, sending shares up 3.8% on Tuesday.

The investment bank believes Viridien is a differentiated way to play a recovery in global exploration spending.

Analyst Michele Della Vigna wrote that the company's transformation from CGG has positioned it for growth, with a technology-led geoscience franchise and leading positions in subsurface imaging, multi-client data, and seismic equipment.

The market underappreciates the quality of Viridien's geoscience franchise, according to Della Vigna, as well as its earnings leverage in a seismic upcycle and gradual balance sheet improvement.