Thread regarding CGG Veritas layoffs

CGG FUTURE ?

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 BRIGHT.

WHAT ARE YOUR THOUGHTS?

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Post ID: @OP+13WrIYw1

27 replies (most recent on top)

clearly the original poster is deluded

https://www.evasionfm.com/actualite-56929-l-entreprise-cgg-a-massy-a-presente-hier-son-plan-de-sauvegarde-de-l-emploi.html?version=oise

The oil services group plans to cut 94 of its 364 positions. This is the 3rd wave of layoffs in its midst since 2016. Several dozen employees demonstrated in front of the site just before the company's social and economic committee. The CGT and the CFDT reject this plan. CGG employed more than 9000 people in 2015.

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Post ID: @3gcap+13WrIYw1

I think CGG should start looking at the renewables

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Post ID: @3gexx+13WrIYw1

This post really hasn’t aged well.

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Post ID: @22dhm+13WrIYw1

Q1 (announced today)

Group net loss of $(98)m !!!!

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Post ID: @Zjrk+13WrIYw1

With the recent (23/04) update , I can just say "Dream On"

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Post ID: @Gobp+13WrIYw1

"things looking up" - are the Houston office paying you for this!?
I know that CGG staff have been encouraged by managers to big-up the company on social media, but that's just insane.
Anyway, Having dumped their boats to Shearwater things are better than they might have been, but you still have the same absolute stars running the show in Massy.

The last of the Veritas ("do what it takes as long as it's decent quality more-or-less on time / 90% solution") profitable culture, was stamped out years ago, and now it's all inexperienced PhDs working 14-hour days. Good workrate but not sustainable long-term with the low prices that are out there.

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Post ID: @Fczq+13WrIYw1

A major concern is the equipment business. There will not be many new orders for streamers, vibrators, nodes etc. That is going to have a big material impact on the overall CGG bottom line. Combine that with a still significant debt load, lower multi-client late sales, much lower multi-client pre-funding and reduced processing activity and you have the makings of a calamity on your hands.

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Post ID: @Fkkj+13WrIYw1

This didn't age well now did it! With oil approaching worthless status, any service that helps get more oil out of the ground is also worthless.

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Post ID: @Ecex+13WrIYw1

You are dreaming or deliberately trying to mislead. Look at the massive writedowns and "going concern" warnings coming out of this sector. There is going to be a lot more market pain before it gets better. The only questions are who will survive and what will the survivors look like by the time things improve.

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Post ID: @yfiy+13WrIYw1

Oil price on the rise again, things looking up.

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Post ID: @ybqi+13WrIYw1

CGG had previously announced a MOU for the sale of multiphysics (see Q4 release), but I expect that will be cancelled because nobody wants to gamble right now.

Interesting how all of CGG's competitors are talking publicly about their strategies for dealing with the combined covid and oil price downturn in the petroleum services sector, and nothing from CGG since March 10 except a picture of someone working from home... When CGG eventually decides to issue news, it will not be good.

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Post ID: @psue+13WrIYw1

CGG may not acquire seismic anymore but they do have the multi-physics acquisition capabilities and they do acquire and sell multi-client data, both these assets weigh heavily. If spending drops, as it will, this will affect CGG greatly. Being rid of the vessels will help a lot and CGG will get through this, but it will not emerge unscathed from this period.

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Post ID: @pcfr+13WrIYw1

How and why would the French Government bail us out?

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Post ID: @nkde+13WrIYw1

"Eh, oil trading @ $35 per barrel. Seismic first to be cut, good luck! "

Funny. CGG do not acquire seismic anymore, and clients are not going to just throw away the seismic they own, innit?

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Post ID: @muzb+13WrIYw1

No problem, French government will bail us out.

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Post ID: @mumm+13WrIYw1

Not profitable at $60 oil. Now we have $20 oil. Seriously, how long do you think CGG will last.

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Post ID: @laho+13WrIYw1

To be honest, things weren't looking very bright even back then, except in the original poster's mind. Things definitely look worse now.

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Post ID: @jqfo+13WrIYw1

A lot can change in 18 days, huh. Things not looking so 'bright' now.

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Post ID: @iabk+13WrIYw1

The only positive thing is that CGG's debt is smaller than PGS' and you don't have any boats to lose a ton of cash on any more.

Processing has a lower amplitude and more laggy rollercoaster ride than acquisition, so CGG may be OK...but seismic as a whole is biting it's collective nails to the quick.

I do wonder what planet you are on. Aiming for reassurance? You need a very dark sense of humour in this industry.

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Post ID: @cepq+13WrIYw1

CGG haven't commented much on anything recently. I'm starting to worry there might be something wrong.

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Post ID: @7khd+13WrIYw1

Oil prices looking good. Now that is funny. WTI below $29, Brent barely above $30. I want the d–gs you are taking. It helps to block out reality.

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Post ID: @5xwa+13WrIYw1

Maybe this site is better:

https://www.cgg.com/en/Investors/Shareholder-Information/Share-Price-Details

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Post ID: @4heu+13WrIYw1

Yahoo graph means nothing. Read the CGG website, the news is positive. We have a large backlog. We as a company are on the up.

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Post ID: @4buf+13WrIYw1

Facts (YTD about 70%)

https://finance.yahoo.com/quote/CGG.PA/

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Post ID: @4ujc+13WrIYw1

Eh, oil trading @ $35 per barrel. Seismic first to be cut, good luck!

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Post ID: @3dyn+13WrIYw1

It really does feel like CGG have turned a corner and are on the up. Great to hear of such positive news.

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Post ID: @2cio+13WrIYw1

Thanks for the Friday morning laugh. The world needs more levity right now.

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Post ID: @1jgx+13WrIYw1

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