Thread regarding CGG Veritas layoffs

HOW WOULD YOU MAKE CGG GREAT AGAIN ?

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| 3891 views | | 17 replies (last )
Post ID: @OP+183iu1OE

17 replies (most recent on top)

You got to know when to hold ‘em,
Know when to fold ‘em,
Know when to walk away,
And know when to run

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Post ID: @rbmg+183iu1OE

You can't. Rather than be laughed at, come over to Shearwater and do the laughing

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Post ID: @pzsc+183iu1OE

For 4600 employees, revenue is not even covering salary let alone other fixed costs.

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Post ID: @giqq+183iu1OE

Headcount Q3 2012: 11,000. Ch ch ch changes.

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Post ID: @cgxq+183iu1OE

Go bankrupt again and get bailed out again and carry on regardless.

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Post ID: @cgrs+183iu1OE

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.

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Post ID: @bkzf+183iu1OE

Pay your debt which is exceeding the company's assets.

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Post ID: @8zdi+183iu1OE

The only thing CGG was ever great at was pissing money away

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Post ID: @5elh+183iu1OE

Get new management who know how to run a business

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Post ID: @5dwo+183iu1OE

Shut Massy, let Houston and Crawley go it alone. Basically de-merge Veritas.

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Post ID: @3igh+183iu1OE

you may not be able to polish a t-rd, but you can roll it in glitter!

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Post ID: @3oqe+183iu1OE

Stop trying to pretend you're a Porsche garage in Mayfair when you couldn't sell a Skoda in Middlesborough!

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Post ID: @2qgo+183iu1OE

Is this a desperate CEO asking for ideaa?.

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Post ID: @2bon+183iu1OE

Diversify away from O&G and into renewables, site surveys, mining and geospatial.

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Post ID: @1kpe+183iu1OE

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