Thread regarding CGG Veritas layoffs

good thread

Just because CGG boats are more expensive to hire than Chinese boats doesn't mean they don't do the job well.

Mainly in life you get what you pay for

Q418: the Acquisition business segment will be reported and presented as discontinued operations and assets held for sale …..

https://www.cgg.com/data/1/rec_docs/3735_CGG-Maritime-Exposure-Liabilities-management-New-ownership-set-up-March-27-2017.pdf

Good luck …. (like selling sand in Sahara)

"Not sure how much you guys would get for your remaining fleet?"

CGG don't own any vessels, they are leased. So they'd get nothing for them, they'd just stop hemorrhaging so much money.

You're right about acquisition should make the most money, but maybe there isn't the market there anymore.

However, maybe the future for some of the seismic companies is downsuzing & selling their acquisition side . PGS has just sold a new Ranform (without streamers) for $100m & brought back an old boat into service. Not sure how much you guys would get for your remaining fleet?

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.

How will Sercels marine division survive? Who is going to but their navigation software and streamers etc? Apart from GGG, there's only a handful of other vessels using it.

Acquisition - chiefly Marine - boats are very expensive to operate and burn cash. Services being sold at a loss and cannot continue so being ditched. Everyone else with boats is undercutting them, and very few clients committing to shoot new surveys. Most work is self-generated - multi-client, but they could actually use other peoples boats at lower cost.

Land - much smaller market, too many competitors who undercut CGG.

Airborne - a joke since CGG sold them off a long time ago then got them back when they bought Fugro, and trying to selll them off again.

Sercel - they do sell equipment to other companies , not just CGG, but if everyone is cutting back on acquisition it's a dwindling market.

Thats why the company is going 'asset light ' , hoping processing will maintain its margins and multi-client will re-survey or re-process in areas where oil companies are interested.

Sercel is an interesting point, who will they make from and is it enough to make a profit.

Is there anything in the reports that states

• % internal / external customers

• %revenue / profit from each customer type.

• other useful.

Or will it be discovered vast internal expenditure irregularities and sercel will close to.

TO Post ID: @WXxC7Md-3xsb

HEY I AM NOT STUPID - NO NEED TO BE INSULTING.

Do not forget Sercel! Without internal 'customers' it's not easy. Who is interested to buy Sercel and CGG acquisition (probably to a very low price)? Perhaps China?

If client's ever peruse this site, they will despair of the stupidity of the person who asked this question. Can't see you guys surviving much longer.

I don't understand how the company can survive without these three vital sections. These are the only sections that can bring big money to the company when the market does well. Furthermore, through these three sections the company can pay off their debts, otherwise it is almost impossible. Also, if these section are sold the remaining sections will suffer badly because, for example, most of the seismic imaging and interpretation projects as well as the multi-client library are coming from data generated by these three sections.

acquisition is for buying land on the moon.

in the short run, no aquisition=less cash to burn. in the long run, no more own data to process or sell through multiclient. no one in tour montparnasse or in south bldg westpark thinks long run, so a greatmost deal!!

So it's true that CGG management ask questions here!

Seriously, you have to ask what Acquisition does ? Go to the ORGANIZATION chart on the CGG web site. Scroll across until you see the word ACQUISITION. Look at the little boxes underneath.

Marine, Land and Multi-Physics. Put 2 and 2 together.

so no one know what they do or the impact....so is it any great loss to cgg?