The new strategy after failing for a decade is to get out.
This from a company that ran off all its talent telling them to leave, we don’t need them.
What a bunch of losers.
3 replies (most recent on top)
There is no way this company is now going to service its debt and survive as a Processing house and equipment manufacturer. They still have a bloated and expensive Management as well as Offices all over the place. Marine in the good days could support all that, now it can’t so Management chopped the easiest thing. It is unreal the level of mismanagement these last 5 years, there are plenty of stories to tell....... so investors I would star asking questions now.
CGG started loosing money the year after they bought Veritas in 2007 for $3,1 Billion.
Marine losses were hidden in Multi-Client division for years before it became public knowledge and the extent of the losses could no longer be hidden.
The demise of the company has nothing to do with oil price, market, or any other external factor.
This company has been mismanaged into the ground by arrogant incompetent French id--ts.
It seems like they were waiting for the market / oil prices to recover but at this stage it's not clear if or when that is going to happen, or whether the company's acquisition technology really gives it a USP in today's market. So they are forced to focus on profitable office based work before they run out of cash.