Does anyone have thoughts on what this will be?
14 replies (most recent on top)
Was present at a triple triangle with cavinaugh during cgg’s seg party in 2010
Spellchecker is back with nothing to add as usual Get a life
hope her spelling is better than than the original poster!!!!!!!!!!!!!!!!!!!
That there will be another announcement in December
Bound to be bad news. If it was something positive they would not be keeping us waiting.
More layoffs expected! World-wide except Sercel, marine and France. Small processing shops will be closed.
thanks -5trj
Geology-Geophysics-Reservoir
WHAT IS GGR.....DOES ANYONE KNOW?
What/Who is GGR?
The succession plan is comparable to when one company takes over another and asset strips it.
In CGG's case the plan started before the oil downturn. Crawley management were quietly closing satellite offices removing the companies capabilities to locally reach out to clients. This process accelerated as the downturn became apparent to protect Crawley jobs when the issues were really in Crawley over staffing numbers. Particularly in management which desperately required many layers to be sliced away to cut costs and far too many geo's, way more than the work supported even post redundancy rounds. Another zero income technology project anyone...
Post bankruptcy CGG are practically giving away marine assets and equipment whilst Schlumberger get a fair price.
Saying the focus is on GGR is the only thing they can say as there is nothing else of any significance left.
Yet what is left! lost its capability to be on their clients doorstep and provide quality local service, technology that is comparable to the competitors delivered at too high a price and most scarily a new pool of spiralling debt.
The best thing that can happen is to be bought out by a competitor. However, buyouts are never announced in advance, you walk into work to learn the news.
So any November announcement will be trivial to what really needs to be done.
The succession plan has always been to sell off the equipment/marine and increase the emphasis on GGR!
probably more job losses :-(
after the delisting of the company on the NYSE in the US and the immediate suspension to comply with its obligation to file reports within the SEC, we may have some hints, don't we ?
Any G&A cuts in finance/accounting?
CGG believes that the costs associated with continuing the listing and registration of its ADSs exceed the benefits received by CGG, as the primary market for CGG shares is Euronext Paris.