Viridien’s Geoscience business returned to year-on-year growth in the third quarter of 2026, with segment revenue of $112 million, up 3% year on year and 17% from the second quarter. The improvement reflected backlog conversion and strong activity in mature basins, including the US Gulf and Mexico, as well as continued activity in Guyana.
High-end reprocessing projects for international and regional national oil companies in the US Gulf and Mexico are being used to assess exploration opportunities and support reservoir optimisation. Viridien said customer interest remained strong: the cumulative value of pending bids was up by a high double-digit percentage year on year.
Geoscience backlog stood at $267 million at the end of September and had risen to $283 million by the end of October. The company also reported verbal awards worth several tens of millions of dollars that had not yet been formalised. For the first nine months of 2026, however, Geoscience revenue was $305 million, down 8% year on year.
Viridien’s Earth Data business reported Q3 revenue of $69 million, down 49% from a year earlier. The company attributed the decline to an unusually high level of transfer fees in Q3 2025 and lower prefunding revenue. It said commercial activity was building across frontier basins, while mature basins continued to support demand for imaging and reprocessing.
Across the group, segment revenue was $237 million, down 24% year on year, while adjusted segment EBITDA was $100 million, down 40%. Net cash flow reached $35 million in the quarter, bringing the nine-month total to $67 million, compared with $62 million in the same period of 2025. Net debt, excluding IFRS 16, fell 18% year on year to $656 million. Viridien maintained its full-year 2026 net cash flow target of $100 million.
Read also the interview with Viridien CEO Henning Berg interview of October 2026.
Photo: Viridien CEO Henning Berg at EAGE Annual addressing the crowd
