CGG Veritas Layoffs

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Topics regarding layoffs at CGG Veritas

This company has been mismanaged into the ground

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
by Anonymous | Post ID: @We2N8J7
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New strategy

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.

CGG Stock is Down

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.

Layoffs before the end of the month?

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

A good view on everything that’s wrong at CGG

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

Its coming !

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.

Cost cutting is the new strategy

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

CGG has 51% chance going bankcruptcy.

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.

Possible layoffs at CGG Veritas?

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

Still not profitable

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

Any November announcement will be trivial

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

sinking boat

People are exchanging information of interview and openings in other companies. More and more colleagues are leaving in the following quarter.

Well done CGG

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

Things can only get better

New leader,CFO and rising oil prices the only way is up Should have faith in Senior Management and HR they got us through difficult times strong leadership and compassion for staff Perhaps this website can be closed down and a new one as a fan club... read more

Great Dividend

Dividend over 11%. Wow! You can't beat that with a stick. Time to load up.

Desparation - flogging the vessel assets

Geowave Voyager Built about 9 years ago at 120million not including acquisition kit costs Sold for 17 million including kit A quite frankly stunning loss that cheaply allows a competitor a stronger market foothold undermining CGGs future... read more

Interview or just make HR looks busy

Hi CGGer , I went to onsite interview last week, no response yet. Is that a real one or just makes hr looks busy but not hire anyone? How long does the result usually come? Many thanks

Chinese acquisition

Hearing more and more chatter about this. Possibly explains the observations in the prior post (lots of connection points between industry and government in Beijing). Premise is the Chinese are assembling one-stop shops for oil & gas exploration and... read more

When are we looking at more layoffs?

Lately we've seen a few people here and there laid off by CGG, but I was wondering when are we looking at another bigger round of layoffs? There has been very little chatter lately, so if anybody has any info on what's coming down the line, please... read more

What next

What are you hanging on for? Turnaround in fortunes for CGG Redundancy settlement Right opportunity elsewhere A white knight to come to the rescue Cannot get a job elsewhere

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