CGG Veritas Layoffs

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Topics regarding layoffs at CGG Veritas

Huge turnover

If you want to truly realize how bad situation is at CGG Veritas, just look at our turnover. We are literally losing people on weekly bases these days, and most of them are our best workers. Frankly, CGG doesn't need layoffs, they just need to stop... read more

CGG are vulnerable to take over

CGG are vulnerable to take over. Schlumberger want out of seismic - No Shearwater and are too small and have many ex CGG employees - No PGS are struggling and are the last large player - possible tie up to create one mega player and control the... read more

Merger.....?

I have been hearing rumours of a merger with one of the other remaining players. Anyone heard anything similar?

New CGG CEO

https://globenewswire.com/news-release/2018/03/23/1449630/0/en/CGG-announces-the-appointment-of-Sophie-Zurquiyah-as-Chief-Executive-Officer-the-cooptation-of-two-new-Board-members.html

More layoffs

Calgary let 7 go today. 2 processors, 4 in office operations, 1 in IT Calgary was hit yesterday, which means that we can definitely expect more layoffs next week. As somebody put it in that other thread, CGG does this in stages. Not sure which... read more

Career after CGG (share your story)

I thought it would be interesting for those ex-CGG guys here to share how things have gone career-wise since they left. Given the industry situation, most of us had to look outside O&G to opportunities. Also a significant number of us do quite unique... read more

Are we safe now?

CGG is out of the woods now. That means we are finally safe. Am I right? At least no need to worry about layoffs in the near future?

We should sue these guys

I heared we wasted $5 million on this in legal, banker and accountancy fees. https://www.thelayoff.com/neos-geosolutions

Restructuring

CGG has had interest expenses of about $180M per year for the last 4 years. They have incurred losses averaging $961M per year over the same period. How will wiping all but $1.2B their debt and raising $500M help them survive 2018 ?

Massive destruction of capital

Share price tanking again today. Market cap is now about 46 million Euro. At the end of 2012 CGG had a market cap of almost 4 billion Euro - yes, billion. Shocking! www.cgg.com/en/Investors/Shareholder-Information/Share-Price-Details

HR in other centres

Why is The HR department in CGG so bad? I have heard that HR in Calgary is one of the worst, apparently she is never in the office and when she is, she is bad at her job. You never hear of bad HR departments in other centres like Perth or in Asia... read more

CGG Stock price

What's the reason for the 33% + fall in the CGG stock price today? Has reality finally kicked in?

bankruptcy??

My former boss resigned after 15 years with CGG. He will join TGS soon. He said , CGG has fallen and will formally declare bankruptcy in a coming months! Is it true? I thought they managed to get some cash from somewhere for chapter 11 !

Protection of Jobs in France

− confirmed that pursuant to the draft safeguard plan and in light of the underlying market assumptions of its Business Plan, no social or industrial restructuring is contemplated in France, it being noted that its strategic transformation plan... read more

CGG Financial Restructuring - How does this work?

This is directly from the Financial Restructuring FAQ's from the CGG website: – the exercise of such a PSR will also result in an existing CGG shareholder receiving – in addition to the Warrants #1 – theoretically close to 3.25 Warrants #2 (i)... read more

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