Viridien announces that Standard & Poor’s (S&P) has upgraded its long-term credit rating to “B”, with a stable outlook, reflecting the company’s solid operational execution. The previous rating was “B-” with a positive outlook. In parallel, the rating on the company’s senior secured notes has been raised to “B+”, from “B” previously.
S&P highlighted that “the company has built a positive track record of more stable performance over the past couple of years in a volatile market environment, benefiting from the end of the costly Shearwater contract in 2025, as well as a focus on cost control and higher-value projects.”
This upgrade follows the recent confirmation of Viridien’s corporate rating by Moody’s at “B2” with a stable outlook, which maintained its assessment of the Group’s credit profile while highlighting the increased resilience of its business model and the relevance of its strategy.
Last December, Fitch Ratings confirmed its rating at “B” with a stable outlook, emphasising the company’s improved financial and operational profile.
Viridien CFO Jerome Serve said, “We welcome S&P’s upgrade, which reflects the successful execution of our financial roadmap over the past two years, as well as our rigorous and consistent approach to balance sheet deleveraging. We remain firmly focused on further strengthening our financial profile, sustaining strong operating performance and cash generation, and maintaining a disciplined capital allocation policy, in support of value creation for our shareholders.”
Meanwhile, Viridien has embarked on a new regional multi-client data initiative for basins offshore India, coinciding with government efforts to boost energy independence in the South Asian nation.
The Viridien programme plans to provide enhanced, data-driven exploration capabilities to industry operators. It will start with Phase 1, Mahanadi basin reimaging and merging of approximately 9000 square kilometres of 3D seismic data over the offshore East Coast Mahanadi basin.