A retrospective analysis of what was wrong with CGG marine. https://yadi.sk/i/OlRo2yI0gvmyZw
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Topics regarding layoffs at CGG Veritas
The fact that CGG can go the market and get cheaper marine acquisition prices than what they could manage internally with their own boats just goes to show how incredibly inept and inefficient this company is. Marine acquisition should be THE core... read more
Anyone know what they do? How staff are involved? What is the likely impact on its sell off?
New CEO believes CGG will survive as a data processing house and equipment manufacturer. Probably the most misguided idea possible, as she will shortly find out. People are leaving as they are being forced on to a new cheaper contract ahead of being... read more
What's happening with the marine fleet???? How comes most of the vessels are not in production? Is this the end of the road?
With a recent clear out of office staff based in the Houston office it seems to be hotting up more each week. Just now most of what's left of the CGG marine fleet is tied up alongside in Tampico Mexico unable to start work most probably due to more... read more
What is the next CGG vessel to be taken out of production?
Ladies and gentleman, this pitiful state CGG is in right now is what you get when you let people who have no place running a company run the company. Majority of upper management got where they are through nepotism and a---kissing, and boy does it... read more
will any company buy cgg? Or part of cgg?
Can anyone tell me what seismic vessels CGG is currently operating? Are any CGG vessels currently operating in the Gulf of Mexico? tx
Anyone from Acquisitions care to share their thoughts/experiences on the recent announcement?
Well, CGG is down again. Today it is at $1.49, down 8.5%. Will it get below $1.00 by the end of the year or the end of January? This company will end up with bankruptcy and being sold off in pieces to pay sc-aps to the debt holders.
Has anyone else noticed how work is now done in a much slower and unorganized manner than before? I mean, literally some projects take twice as long to finish then they use to take a couple of years ago. We all know the company is not in a good place... read more
CGG started loosing money the year after they bought Veritas in 2007 for $3,1 Billion. Marine losses were hidden in Multi-Client division for years before it became public knowledge and the extent of the losses could no longer be hidden. The demise... read more
The new strategy after failing for a decade is to get out. This from a company that ran off all its talent telling them to leave, we don’t need them. What a bunch of losers.
The current price, as I type this, is $1.69. Five days ago it was around $2.40-$2.50. Have a nice Christmas everyone.
Is it true CGG is planing a major layoff round before the end of this month? Please tell me that's not true. Preparation for holidays is stressful as it is on its own. If I have to throw worrying about being laid off in the mix, I'm not sure my poor... read more
The shares are falling because debt is rising quickly. Look at the quarterly reports since bankruptcy. Revenue is improving yet the profit generated is insufficient to cover depreciation, costs and high interest payments. Debt is in dressing about... read more
Heard from many that were laid off two years ago and hired back as contractors with months , that this Oct/ Nov rotation is their last trip. You can be sure it does not bode well for those that are left.
Its not surprising . Really when you have a 82 page flowchart showing management from vessel manager to the top. You can imagine the money they were throwing away with make believe job titles. I'm sure not much has changed at the top in the last two... read more
It's the new strategy to cut costs. Get rid of the more expensive older guys and replace them by cheap graduates. Apparently in the UK they have got rid of a number of older employees in the past couple of months - one who had been with the company... read more
Hearing that yet more major management changes have been taking place. What does the future hold?
According to MacroAxis, the Probability Of Bankruptcy Analysis for CGG is 51%. This is the link: https://www.macroaxis.com/invest/ratio/CGG--Probability-Of-Bankruptcy It is like flipping a coin.
Hope they do their research before starting.
Been hearing about possible layoffs coming to CGG Veritas sometime before holidays. I keep hoping these are the usual office rumors, but it doesn't hurt to check. Anybody here maybe knows a bit more about this? Whether it's even true or not? I would... read more
Is there an end in sight? Cash burn sickness?
There is an unofficial report of a CGG survey plane crashing a couple of weeks ago, and yet there has been no mention of it on CGG's website: https://aviation-safety.net/database/record.php?id=20180927-1 Seems strange that CGG wouldn't comment on... read more
What a shame! CGG can't afford couple of thousands dollars for a booth.
https://www.nyse.com/regulation/delistings CGG REMOVAL from NYSE. This is the beginning of an end to the company.
After wiping $1.9B of debt off the books the company lost $40.8M in H1 2018 (using the standard IFRS accounting rules which have been adopted by other seismic players). I would think if CGG can't become profitable in Q3 they will have to start... read more
What happens to my stocks? Can I still trade them?
The succession plan is comparable to when one company takes over another and asset strips it. In CGG's case the plan started before the oil downturn. Crawley management were quietly closing satellite offices removing the companies capabilities to... read more
Does anyone have thoughts on what this will be?
People are exchanging information of interview and openings in other companies. More and more colleagues are leaving in the following quarter.
Boats laid up without work, thousands lost there jobs, not made any profit in years, skilled good ambitious people left leaving behind an immature low skilled work force, managers and HR who protected their jobs and poorly treated redundant employees... read more