You got to know when to hold ‘em,
Know when to fold ‘em,
Know when to walk away,
And know when to run
17 replies (most recent on top)
You can't. Rather than be laughed at, come over to Shearwater and do the laughing
For 4600 employees, revenue is not even covering salary let alone other fixed costs.
Headcount Q3 2012: 11,000. Ch ch ch changes.
Go bankrupt again and get bailed out again and carry on regardless.
Do a runner
Headcount Q4 2019: 4600
Just taking a simplistic look at Q3 2020 results, though every quarter is not that dissimilar ...
Rev $200M
Costs $293M
Net Loss $93M
Assuming 2100 employees with average salary and benefits cost of $180k
Salary Cost ~ $95M
So you could fire everyone and still not make money.
The companies fixed costs of ~$200M / Qtr are way too high for the income that can be made.
Probably need a complete review of profitability of all operations, and start shutting things down ruthlessly. I don't think CGG management have it in them to do such a thing so they will soon be going into bankruptcy yet again with $1.3B in debt.
Pay your debt which is exceeding the company's assets.
The only thing CGG was ever great at was pissing money away
Get new management who know how to run a business
Shut Massy, let Houston and Crawley go it alone. Basically de-merge Veritas.
you may not be able to polish a t-rd, but you can roll it in glitter!
Stop trying to pretend you're a Porsche garage in Mayfair when you couldn't sell a Skoda in Middlesborough!
Is this a desperate CEO asking for ideaa?.
You can't polish a t–d!
Diversify away from O&G and into renewables, site surveys, mining and geospatial.