Create dominant player in geophysical equipment. World class seismic processor offshore. Great geographic footprint. Cut redundant back office expenses
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Now that Jean Georges is heading to the Cote d’Azur, please consider once again the ION MERGER and Bryan Hansome as your group’s CEO. Bryan will relocate to Paris
both companies are ridiculously incompetent but at least ion's stock price has doubled in the last year. cgg (presumably including the 'stupid suggestion' dullard on this board) is down by 75%
Silly suggestion. It never worked when CGG took over Veritas. Getting French and American management working together, i.e., working like the French, would be like trying to mix oil and water. CGG's biggest problem is the upper management.... until that changes there is nope hope for CGG.
Brian hansome and steve bates LOVES paris
Merci
SO BPIFRANCE WILL ONLY VOTE IN FAVOR IF IT SAVES REMAINING FRENCH JOBS AND A BASE IN MASSY
TRANSLATION
The rescue plan of the group is submitted Tuesday to the shareholders. Intended to avoid a judicial recovery, it will make Anglo-Saxon hedge funds masters on board.
An 86-year-old French "technological nugget" is playing its survival. The shareholders of the oil services group CGG were to decide, Tuesday, October 31 in general meeting, on the rescue plan presented by management, which provides for a restructuring of the debt (2.4 billion euros) and a fundraising that can reach 420 million euros. Failing agreement or even a quorum, the group could be placed in receivership. Nearly 6,000 jobs, including 1,600 in France, and a geoscience heritage accumulated over the decades are at stake.
For more than three years, the seismic data acquisition and equipment company has struggled to overcome difficulties largely due to lower crude oil prices, which has led to a sharp reduction in oil companies' investments. The sale of a large part of its fleet, the clear cuts in its workforce (50%) and a capital increase of 350 million in early 2016, have only ensured a fragile survival in a sluggish market.
Foreign flags
The State ensures, through Bpifrance, which still holds 10.8% of the voting rights. In mid-October, the public bank pledged to vote on the plan provided that the former Compagnie Générale de Géophysique maintains a French anchorage and preserves the remaining jobs. But the operation is based on a massive conversion of debt into shares. And, at the end of the general meeting, it is hedge funds, hedge funds, Anglo-Saxon who will be well on board CGG, even if Bpifrance will remain on the board.
The state could only save the furniture by obtaining commitments for the safeguarding of jobs in France until the end of 2019 and decision centers in France until the end of 2022. The CFDT recognizes it: it is "A lesser evil" and there was little choice but this dilution of the public shareholder to save society. "It will give new perspectives ...
More info here
http://www.lemonde.fr/economie/article/2017/10/30/le-parapetrolier-cgg-joue-sa-survie_5207777_3234.html
Stupid suggestion: ION is not interested to move HQ to France. CGG is not interested to move HQ/Massy to Houston!
The only good thing that would come out of such a stupid suggestion is that there would be one less player in the market.
Only if Cgg can cut debt away.
But if so, current manager AND all employees will prefer to stand alone.