Thread regarding CGG Veritas layoffs

How about a solution?

The fact that CGG can go the market and get cheaper marine acquisition prices than what they could manage internally with their own boats just goes to show how incredibly inept and inefficient this company is. Marine acquisition should be THE core strength of the company, and yet they now have to admit they "don't do it well". Interesting to actually hear those exact words from Sophie at the capital market day. How about solutions rather than admissions. Here's a hint - it starts and ends with people. The company ran off all the good people saying "we don't need them". Well news flash - you DO need good people, and now you pay the price. Remaining talent are leaving in droves and there will be nothing left of this company by year end.

Good point from @WXxC7Md-6pfo.

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Post ID: @OP+X3rUAyg

6 replies (most recent on top)

Yes, but the acquisition department has been loosing money in good times and bad. They have not been profitable since the year after the Veritas takeover. So it's more like : In good times you do a survey and loose money. During the bad times you drop your prices further and bankrupt the company.

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Post ID: @4qjt+X3rUAyg

It doesn't work like that. During the good times you do a survey, get paid for it and make a profit. During the bad times you either don't do a survey, still have the fixed costs and lose money, or do a survey at a loss - which is what has been happening. The calculus is the good times aren't coming back soon. Those other companies with large acquisition businesses are not making money either, they are all surviving on their multi-client libraries. It's not a case of other companies doing it better, it's a case of other companies also losing money and CGG not being able to take those losses anymore.

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Post ID: @4xbq+X3rUAyg

Surely it's management that are the poor performers!

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Post ID: @2eyi+X3rUAyg

so cgg let go good people in recent years? The poor performer all left?

Or cgg let go poor performer, but good performer turns to poor performer and put they passion into finding another job?

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Post ID: @2vdk+X3rUAyg

How many poor performers can be left after the cullings in recent years?

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Post ID: @2wkx+X3rUAyg

I don't believe the good people are leaving.

Problem is that the poor performers are continuing to be tolerated and paid a bonus simply for turning up. Failure is being rewarded.

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Post ID: @1pum+X3rUAyg

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