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.
On point comment from @Wax1GoT-3trb.