CGG is carrying legacy debt from the days when they delivered the full suite of seismic services and products. I recall many years when one business bailed out another (Sercel and land) to deliver OK results. They still carry the debt but now only have imaging which is never going to deliver the ROI needed to pay off the debts.
I don't think this is a problem with under performing managers in one site, but a more fundamental problem with the portfolio of services provided,
Perfectly stated by @Amjq+1aMwyzkR, bumped for visibility.