Thread regarding CGG Veritas layoffs

This is a much bigger problem

CGG is carrying legacy debt from the days when they delivered the full suite of seismic services and products. I recall many years when one business bailed out another (Sercel and land) to deliver OK results. They still carry the debt but now only have imaging which is never going to deliver the ROI needed to pay off the debts.
I don't think this is a problem with under performing managers in one site, but a more fundamental problem with the portfolio of services provided,

Perfectly stated by @Amjq+1aMwyzkR, bumped for visibility.

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Post ID: @OP+1btwYCkH

4 replies (most recent on top)

from the start of the year oil is up nearly 50% and cggs share price is down 30%

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Post ID: @qcst+1btwYCkH

CGG is hamstrung by debt ....there is no current line of sight to start paying any of it back. I fear for the company if/when interest rates start to rise.

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Post ID: @prqu+1btwYCkH

they'll need to restructure again

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Post ID: @1zle+1btwYCkH

The ratio of managers/TL to worker bees is high at CGG

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Post ID: @vzq+1btwYCkH

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