Thread regarding CGG Veritas layoffs

This place is done

Only fools believe they have a future here. Everybody else has either left already or is trying to leave.

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| 2786 views | | 11 replies (last )
Post ID: @OP+1dIxChmx

11 replies (most recent on top)

The reality is - no matter how much things improve, the company still loses money. It hasn't been profitable for years, is 1 billion in debt and the global staff numbers have gone from 12k to 3.5k in the last few years. It's simple math, you can reduce a company that much and expect to generate more work and money than you did before reducing. The company is in a slow death, my advice would be to look elsewhere - pay rises will forever be off the cards and the only way to get one is to leave

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Post ID: @ywzy+1dIxChmx

Anyone still left at the management level is either a deadhead or has no ambition and deserves to go down with the ship. The smart ones left 5 years ago and continued on to lead a successful profession life. Long Live the Fighters!

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Post ID: @nzti+1dIxChmx

Don't worry about CGG, take care of yourself and leave (the sooner the better).

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Post ID: @lpwk+1dIxChmx

"if CGG has a healthy operation".
That's a big if.....

Still losing money (although less of it) and debt grew by $200M in the last 12 months. Hmm.

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Post ID: @fpiw+1dIxChmx

Would you lend a billion dollars to an unprofitable business in a dying industry?

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Post ID: @6ioz+1dIxChmx

climate change will finish us off

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Post ID: @4htt+1dIxChmx

The debts would be refinanced before they are due, just as what was done earlier this year. If CGG has a healthy operation then, investors will swarm in to purchase the new bonds. I don't see the debt as a huge issue.

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Post ID: @4pnc+1dIxChmx

We have a few years left as the debt isn’t due for repayment until 2027

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Post ID: @4sgz+1dIxChmx

some of us (me) have no other options

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Post ID: @1uuf+1dIxChmx

The debt is definitely a large burden, however CGG is still the top-notch leader in geoscience and equipment, and is leaner than ever before after trimming off all of the unprofitable businesses. The potential upside is there, especially under the current bullish oil and gas environment. If you are not happy while you are at CGG, it is better to move on and find the next opportunity that suits you the best. Life is too short to latch on the bitter past and not let it go.

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Post ID: @1rvr+1dIxChmx

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