Thread regarding CGG Veritas layoffs

Will 2018 will be any better....??

Does anyone think that 2018 will be any better for CGG?? Is there anything to be optimistic about?

by | Post ID: @RcC9FRi
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14 replies (most recent on top)

"Have you got a link to CGG Careers?" - I heard MacDonalds is recruiting.....

by | Post ID: @RcC9FRi-7jgw

Bottom line is investors and O&G companies still have no stomach for deep water exploration, and that will not change in 2018. Shale oil/gas is low risk, and easy to access, so no reason for very expensive offshore complex sub-salt exploration. There has been a paradigm shift in the industry and CGG has their head in the sand hoping things will magically go back to how it was. Raising $500M to pay their bills, in the hopes things will turn around before its gone is not a winning strategy. They either adapt to the new reality or they will die like many other big companies that could not come to grip with large and quick industry change. Small companies cut wages, institute furloughs, and make deep cuts to survive tough times. CGG has no ability to control their spending (still paying massive wages and bonuses), and have no way to increase their earnings. They simply cannot last the year.

by | Post ID: @RcC9FRi-7rdw

Here you are >

Apply responsibly :-)

@RcC9FRi-5mee, you are a little bit wrong here! CGG always post these kind of jobs opening (moving between centers) internally, not on CGG public careers page.

*Don't remember CGG internal website name , PRISM??

by | Post ID: @RcC9FRi-5yuj

Have you got a link to CGG Careers?

by | Post ID: @RcC9FRi-5zfo

they aint hiring-just moving people internally. unless you ar fortunate to benefit from a management job creation scheme.

by | Post ID: @RcC9FRi-5mee

They're hiring, AGAIN! look at CGG Career section.

CGG had a terrible year but that is all water under the bridge! (OR maybe all is not as it seems)

by | Post ID: @RcC9FRi-5soi

What are the prospects of CGG being broken up and sold off?? Are there any parts of the company that are actually profitable right now??

by | Post ID: @RcC9FRi-4ekg

Carillion is a British company. If CGG was a British or American company it would've been collapsed long time ago but for some reason the French government try to keep them alive but for how long the coming months will tell....

by | Post ID: @RcC9FRi-3vrj


looks just like CGG....

similar amount of debt......

CEO ousted but still on full pay......


by | Post ID: @RcC9FRi-3kfw

It depends on how much money CGG can borrow and who is willing to lend them money. CGG can't survive by depending on its own income from its operations because its earning is much lower than the cost of its operations. If they succeed to get loans they may survive for a while, otherwise it would be a disaster year for CGG.

by | Post ID: @RcC9FRi-3cie

Schlumberger prospects heading downwards doesn't inspire confidence in anything related to oil and gas.

They are laying off staff in every region they operate in (same regions as CGG - Houston, France and Crawley)

Sad times. Sad sad times.

by | Post ID: @RcC9FRi-3xpz

It is going to be one of the worse because CGG did not get any significant or mega project during Q4, it didn't make any significant multiclient sale, most of its reserve cash drained on legal fees to fight its bankruptcy process, its shares were beaten badly on Paris and NY stock exchanges & .... But they will try to make it sounds if it was a good one in order to reduce the negative impact from its investors.

by | Post ID: @RcC9FRi-1pwm

crude oil prices rising are the only thing to feel optimistic about

by | Post ID: @RcC9FRi-wuh

Sorry, the answer is no (more or less the same as 2017).

Q4 17 will be published a few weeks from now.

by | Post ID: @RcC9FRi-iyg

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