Thread regarding CGG Veritas layoffs

CGG Exits from Seabed Data Acquisition Business

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, France – December 30, 2019

CGG announced today that it is completing its exit from the seabed data acquisition business and has terminated the Seabed Geosolutions’ joint venture agreement effective December 31, 2019.

In line with its strategy to exit the data acquisition business, CGG has agreed to transfer its 40% shareholding in Seabed Geosolutions to Fugro before the end of the first quarter of 2020 and to conclude before year-end 2019 the remaining matters related to Seabed Geosolutions’ financing and non-competition provisions by paying $35 million to Fugro.

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