I drove by CGG Houston's office. There were still many cars parked outside the office. CGG's business is still going strong.
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The calm before the storm? (=bankruptcy?).
2 (Eidesvik)+5 (CGG) vessels ==> 50% each (ownership)? Upper management must be desperate?
http://www.cgg.com/en/Investors/Press-Releases/2017/03/Charter-rate-reduction-of-operated-fleet
Dear @MqZJpcJ-3tsj you are exactly describing the consequence of the new paradigm in the oil industry; the cost for producing unconventional oil, is the ceiling to the conventional oil price. Deepwater activity will not come back until majors reduce their internal structures (high costs) to make deepwater potentially profitable, then Houston office will not have the same opportunities as they had in the last 20 years. As a consequence the company will have more difficulties any time GGR represents 60% of the total revenue.
GOM mega-projects made houston successful.
The last of these projects are finishing.
Nobody is drilling offshore with cheaper less risky unconventional opportunity.
These GOM projects are gone and not returning anytime soon.
Houston processing will not be the same.
Yes thats correct, they are subletting their office space to other companies
I thought CGG USA is leasing their office space. Are you suggesting they are sub-leasing their office space to other company?
Yes they sublet all the new buildings they built for expansion. Just another clear indicator of complete mis-management.
The houston office has subcontracted half their office space. Business is going strong, just not for cgg.
The decent remuneration packages ended the day CGG took over.
Are there any ex veritas managers left?!
when you drive passed carparks at the UK offices you notice all the shiny cars which get replaced every 3 years belong to ex-veritas people, not cgg. Theres lot's of them.