You can be as asset light as you want, but it won’t solve your incompetence problem.
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They make it very unclear what the liability is to shearwater. Looks like 20 vessel months a yr + penalty for 3 additional boats if they remain idle. How much is that likely to come to in payment to shearwater this year is anyone’s guess.
Interesting news here:
Search Shearwater here (7 hits). Here is 1 out of 7:
with recognition of liabilities related to capacity agreement following the closing of Marine strategic partnership transaction with Shearwater in January 2020. $139 million of these liabilities were outstanding at the end of March 2020.
- ... id–ts... ('I'm thinking about upper management in Paris and maybe CGG Norway)
"Leaner organisation" - you would like to think that meant far fewer expensive middle managers and unionized programmers in Massy, but somehow I doubt it.
It could be referring to getting rid of the boats, although that happened in January so that would be cheeky.
None of my Crawley contacts (fewer and fewer by the day) have mentioned anything......yet.
Q1 covers the months of January, February and March. Pandemic and low oil price started in the second-half of March and this loss can't be totally related to the double crises. It must be due to something else. If all this loss is caused during the second-half of March, then the results of Q2 will be, in my opinion, disastrous.
Stock price now down 200,000% from 2007 highs. That's two hundred thousand percent !
CGG investors response today (-12.4%)
Full Waveform Inversion on AWS and Azure, guaranteed "asset light". The CAPEX reductions will be phenomenal but the next quarter OPEX, well we will have to figure out how to forward bill those.
Leaner organization announced (Q1 slide presentation)
- - any idea about numbers?
- - where and when?