Calgary let 7 go today.
2 processors, 4 in office operations, 1 in IT
Calgary was hit yesterday, which means that we can definitely expect more layoffs next week. As somebody put it in that other thread, CGG does this in stages.
Not sure which locations, but we'll be hearing about it come Monday, I'm sure of it.
THEN ANOTHER ESCORTED FROM THE PREMISES
1 IN REDHILL
POSITION TAKEN OVER BY A FORMER CRAWLEY WORKER!!!!!!!!!!!!!!!!
Around 100 left in Calgary. Most left are in the software groups.
SO HOW MANY LEFT IN CALGARY ?
The largest one is expected in May when the results of Q1 is released. I don't expect the Q1 results to be a positive one. Seismic activities are still very slow as the energy market struggling and there is no sign of improvement in the near future. During this quarter the stock of the company lost more than 50% of its value and it is sliding into a buck territory. Soon they may perform reverse stock split in order to avoid being look at as a penny stock company.
I imagine those Calgary employees who were let go thought that everything was fine after CGG finished the financial restructuring! Just curious as to roughly how many employees remain at Calgary?
Thank you for presenting this information in a factual way (positions and not names)helps everybody who is interested as to how CGG is doing and making decisions about returning to the industry. Please more people follow this example.