What is Sophie’s strategy to turn the company around, make it profitable and get the debt pile down to a manageable level? Anyone know?
So, GeoSoftware has officially gone now. Here's the bookies' odds for what's next... North Sea Data Library - Evens Sercel 2-1 Galileo - 7-2 All Data Library - 4-1
CGG is still making quarterly losses, the debt pile is enormous and the credit line is being further reduced by each loss. With the majors culling oil and gas spend and no sign of a major pickup, is it over for CGG?
This seems to me to be a company for managers. My opinion is that this situation is unsustainable because the company will soon have more managers than employees. More and more people are leaving, but managers are staying. It seems to me that CGG... — read more
So, GeoSoftware is now sold. That leaves about 3,000 out of what was recently a company of 12,000 - and that still includes Sercel! It's a bit like the knight in Monty Python that thinks he can keep fighting when all his limbs have been chopped off!... — read more
Multi-physics has been sold and other businesses are apparently up for sale - any suggestions for what’s on the chopping block?
What's the work schedule at cgg? Do they offer 9/80 schedule?
CGG is carrying legacy debt from the days when they delivered the full suite of seismic services and products. I recall many years when one business bailed out another (Sercel and land) to deliver OK results. They still carry the debt but now only... — read more
We are not making any money despite the data processing being done. We have a massive amount of debt which is not going down. We continue to spend money we do not have. HOW ARE WE STILL IN BUSINESS?
Sophie appointed to Technip board, makes you wonder if a Technip takeover is back on the cards. The company is a lot cheaper now compared what it was in 2014. ... — read more
The stock price dropped from $2,000 to $1.
Has anyone tried transitioning their career to renewables? I’m thinking about making a career change and I wonder how sensible that move would be. I still do not have a good insight into the opportunities and job offers in this sector. I am... — read more
CGG is my former workplace, I left recently before they could fire or lay me off. I couldn’t take it anymore because suddenly there was no reason for me to stay. The stock price speaks volumes about the state of the company. I just wonder, why do... — read more
I would have thought that pledging profitablilty by 2050 would be the first step. The optimism that they will still be around in 2050 is grounds for hope. Presumably by relocating to Shanghai. PS Polarcus defaulting: thoughts on that?
CGG's stock price from $2000 in 2008 to $0.51 now. It is a garbage stock
It was announced back in the beginning of August that multi-physics would be sold off to Xcalibur group, since then we’ve heard nothing. Is it still happening?
I heard that almost 1/3 employees were "cut off". Is that true?
When it's quiet you know something bad is happening.
Q2 $147M loss and cost reduction plan announced. Anyone know what this involves ?
Daily Post says 15 or 60 to go, depending who you listen to. The cookie is still crumbling, sadly.
You can be as asset light as you want, but it won’t solve your incompetence problem.
WITH LAYOFFS CURRENTLY VERY LOW IS THE FUTURE OF CGG MUCH MORE POSITIVE? RECRUITMENT, BONUSES AND SALARIES ARE ON THE RISE. NEW CONTRACTS BEING WON. OIL PRICES LOOKING GOOD ALONG WITH GREAT CGG RESPONSE TO COVID-19. THE FUTURE LOOKS... — read more
Start packing. Happening in August.
Net loss of $61M for the yr. Not the result promised ...
1 JUMPED, 4 PUSHED. THE 4 PUSHED OUT WERE ALL IN ONE TEAM. BEWARE OF VISITS BY HUMAN RESOURCES.
SO BASICALLY WE ARE PAYING FUGRO TO TAKE OVER THIS PART OF OUR BUSINESS ?????????? FUGRO ARE LAUGHING ALL THE WAY TO THE BANK. https://www.cgg.com/en/Investors/Press-Releases/2019/12/CGG-Exits-from-Seabed-Data-Acquisition-Business Paris... — read more
Considering the level of the debt CGG has compared to other companies where administrators have been called in (Thomas Cook is 1 example) how are we still trading.? Not only are we still trading, we are spending ever more money on staff, bonus... — read more
What's happening to the marine fleet? How many vessels are currently operational?
My fellow victims. The year was 2012 - London a heady, lovedrunk party carnival atmosphere celebrating biodiversity of the Olympian proportions including (but not limited to) the since k–ler Oscar Pistorious, on the blades, scything through the... — read more
I've heard rumours, anyone know how many are going?
Colleagues, how do we feel about the impending Q2 financial results re: employment security?
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
Another $30M loss, debt climbing back up now at $868M
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
Or are things improving?
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
Two from Redhill being pushed out the door.