CGG Veritas Layoffs

Topics regarding layoffs at CGG Veritas

spaffing money up the wall / increasing debt

so cgg are splashing out on new 42 inch screens and new wireless keyboards/mice for all in the uk along with pc upgrades. our debt is increasing yet managers are still spending money we do not have. if this was a household budget we would be pulling... —  read more 

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Post ID: @ZYzSsO6

Age a liability

Is it just me, or has age become a liability at CGG? Everybody in their fifties and above (and in some cases late forties) seem to be the first to be considered when it comes to layoffs. I'm not sure how is this okay, since age discrimination is... —  read more 

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Post ID: @YIydgcx

Any more layoffs this week?

A few people have been laid off by CGG since Monday, but so far today I haven't heard anything about more. Does that mean that the layoffs are done for now? That this was just a really small round that targeted a few selected people, or will there be... —  read more 

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Post ID: @YoBfyOi

Job page down?

Every other time I like to browse positions that are still coming up at CGG. My heart still goes out to them although I have already left ages ago. However, this morning when browsing to https://www.cgg.com/en/Join-Us/Professionals it just sends me... —  read more 

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Post ID: @YijvlPp

Earnings Release

Just when you think it can't get worse, another big loss with massive write offs. Net loss of 790M Euro in Q4. Stock down another 8%. —  read more 

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Post ID: @XZ3iwmW

Desperate times call for desperate id--ts

Is it just me or are LinkedIn posts from staff of a certain bankrupt French former-seismic acquisition company becoming a little pathetic? It seems the boss man (or lady) has instructed all junior staff, with no knoweledge of the industry, history... —  read more 

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Post ID: @XQWmpEP

New Contracts....??

What are the pros and cons of signing or not signing new contract for marine?

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Post ID: @XqIaMPB

Selling off Fugro Geoscience

Ladies and Gentlemen, Which of the Fugro acquisitions do we think is most likely to be packaged up and sold off for dog food in the short term? Furgo Robinson Fugro Jason Fugro Airbourne Fugro NPA Fugro Seismic Imaging My sources close to those in... —  read more 

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Post ID: @Xmmtc6F

Starting redundancy again

So time has come with more and more employees going from the company. Who will be left if anyone the way the company is being driven into the ground.maybe just the few who are not able to find work anywhere else or just grasping at straws. Could just... —  read more 

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Post ID: @Xhkjztv

How about a solution?

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 

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Post ID: @X3rUAyg

There is a lot of anger in CGG

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 

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Post ID: @WWdiHyl

Marine...?

What's happening with the marine fleet???? How comes most of the vessels are not in production? Is this the end of the road?

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Post ID: @WTlzxNq

more lay offs

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 

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Post ID: @WQlzQ8U

Incompetent management

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 

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Post ID: @WvqGrk5

CGG Vessels

Can anyone tell me what seismic vessels CGG is currently operating? Are any CGG vessels currently operating in the Gulf of Mexico? tx —  read more 

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Post ID: @WoZNYX5

Stock Price

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.

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Post ID: @WhBvpHY

Lack of knowledge and experience put projects to a halt

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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Post ID: @Wej8Lxk

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 

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Post ID: @We2N8J7

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. —  read more 

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Post ID: @Wax1GoT

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.

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Post ID: @W6kQ9gr

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 

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Post ID: @W61Xnws

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 

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Post ID: @W3FBZmz

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.

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Post ID: @W169eeb

Top Heavy and poor management from the top years ago

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 

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Post ID: @W14qpqL

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 

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Post ID: @W0Qrxa6

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. —  read more 

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Post ID: @VPrDPI9

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