will any company buy cgg? Or part of cgg?
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Topics regarding layoffs at CGG Veritas
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
Hearing that yet more major management changes have been taking place. What does the future hold?
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.
Can anyone tell me what seismic vessels CGG is currently operating? Are any CGG vessels currently operating in the Gulf of Mexico? tx
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
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
Anyone from Acquisitions care to share their thoughts/experiences on the recent announcement?
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
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
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.
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 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.
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
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
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?
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
What a shame! CGG can't afford couple of thousands dollars for a booth.
Does anyone have thoughts on what this will be?
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
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.
Slightly off topic but can anyone tell me what the outcome of the investigation was for that helicopter crash on the Vision back in 2013?
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.