Thread regarding CGG Veritas layoffs

I doubt very much that all the recent decisions and actions by CGG are meant to ensure their long term survival. What does the move to an asset-light People, Data and Technology company leave them with? Oh yeah, I forgot - a Passion for Geoscience. So they'll have a bunch of passionate people standing around with nothing to do except wait for the "market rebound". Anybody see that on the horizon?

I suspect that CGG management sees the writing on the wall and have thrown in the towel. Let's eliminate the tough things like hard work, making difficult decisions, and managing people. Let's just stand around doing nothing until we all lose our jobs.

New CEO believes CGG will survive as a data processing house and equipment manufacturer. Probably the most misguided idea possible, as she will shortly find out. People are leaving as they are being forced on to a new cheaper contract ahead of being sold, so are voting with their feet. Nobody will be left in Maritime as a consequence by April when these new contracts will need to be signed. There is a lot of anger in CGG as a result of the complete mismanagement of the Company.

CGG days are numbered (I'm sure and I'm sorry).

Looking at vessel searcher it seems like just one vessel in production all others moored at anchor. How can CGG survive with so much debt and bleak prospects ahead. Competition seems to be getting bids accepted while CGG are either losing or just admitting to the other companies they have almost given up and just awaiting bankruptcy?

Good luck to those working with all the seismic companies not looking good with the present climate.

Totally agree with the last comment you just have to look at how much the company has been devalued over the years.

Just hope for the employees that are left offshore that they get paid what they are due before the marine side is split.

If as in the news processing will be the saviour and the management does split marine operations after going into chapter 11 before creditors will freeze any assets (1.2billion of debt ) to recover anything left.Employees will be lucky to get a few euro cents back from total owing to them. As above anyone should take what’s there before the inevitable happens.

I would take the money & run if offered redundancy. You've got to be a mug if you stay there. It's not likely that you're going to get a pay rise are you?