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
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Topics regarding layoffs at CGG Veritas
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
What do you think? CGG is getting 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
Just heard that the senior management at Robertson are getting laid off. Anyone heard anything about this?
Dividend over 11%. Wow! You can't beat that with a stick. Time to load up.
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
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
shock announcement to be made shortly. Source GGR exec.
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
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
one manager left today. who else?
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