Thread regarding CGG Veritas layoffs

Are we safe now?

CGG is out of the woods now. That means we are finally safe. Am I right? At least no need to worry about layoffs in the near future?

by | Post ID: @RXqK2Fb
1485 views | 15 replies (last )
Comment! It's anonymous! Reply to this post anonymously by submitting the form near the bottom of the page!

15 replies (most recent on top)

Safe?

CGG Net Income in Mill USD (2016: -576.6) (2017: - 514.1)

Divide by #employees (=5300) ===> 100 kUSD/person per year (the last 2 years)

by | Post ID: @RXqK2Fb-9sih

CGG Robertson Llandudno has been hemorrhaging (resignations, excluding the additional redundancies) many of its best technical staff over the past 12-18 months (most moving outside the industry) at an increasing rate (I estimate 20 over this period), most of whom in the 28-40 age bracket with 5 to 15 years experience. Morale there appalling, directionless strategy, poor career development and lack of payrises. I'm sure this is mirrored in other CGG satellite offices, but looks as if local management are awaiting bankruptcy/closure/acquisition.

by | Post ID: @RXqK2Fb-5fsu

No CGG is not out of the woods it is deferring the demise that is all

by | Post ID: @RXqK2Fb-4iae

Until a positive earning ER, which is probably in 1 more year.

by | Post ID: @RXqK2Fb-4koi

No hope of anything changing while Malcor is still around. Once he is gone the new CEO will close unprofitable business units and centers, reduce wages to be in line with market conditions, ban bonuses until the company returns to profitability, decimate the managerial and administrative overhead, and put a stop to the absolute stupidity that comes out of France. Oh I'm sorry, I forgot this is a French company ...

by | Post ID: @RXqK2Fb-2llb

I think worst case scenario one is most likely case because it seems there is no hope that oil is going to recover soon.

by | Post ID: @RXqK2Fb-1acb

You are safe. CGG is still hiring.

Join us: CGG.

by | Post ID: @RXqK2Fb-1rem

Probably not.

Worst case scenario, business doesn't pick up and the company goes bust and all employees left to the wind.

Second worst case, the company contracts to just the France subsidiaries (as where the original CGG started) and the other locations are let go.

These 2 outcomes are very bleak views but I think entirely possible.

It's hard to think of the opposite best case scenario being realistic e.g. A generous benefactor to come in and take on all the debts and pump in money to last until the prices come back up again?

by | Post ID: @RXqK2Fb-1xcb

categorically not

unless in hr or management

now automation is increasing

the q4 results will not be good

by | Post ID: @RXqK2Fb-vil

You are not safe. CGG is not profitable. Number of CGG employees used to be 11.000 (2014), now it's about 5.300. Sorry, a plan B is really needed (= strongly recommended).

by | Post ID: @RXqK2Fb-eig

Q4 results will be published about 1 week from now. Still burning cash??? If the answer is yes you are not safe.

by | Post ID: @RXqK2Fb-dja

You're working in seismic mate. There will always be financial problems with these companies. One thing is for sure, you won't be getting a pay rise in the near future, will you?

by | Post ID: @RXqK2Fb-ykl

Yes, you are safe for now! Lucky you

by | Post ID: @RXqK2Fb-ulv

May be you are correct if the price of oil jumps to more than $100 and deep water exploration starts to boom again. But there is no sign this could happen in the near or far future. Soon they will realize that they don't have enough work to support > 5000 employees still on board. Unless there is a miracle more office closures and layoff is expected.

by | Post ID: @RXqK2Fb-yle

Thanks, I needed a good laugh.

by | Post ID: @RXqK2Fb-zqx

Post a reply

: