From what I can understand both CGG and Veritas were two perfectly good companies but when they merged something went horribly wrong. Bureaucracy became rampant, procedures changed by the week... acquisition and processing of seismic data became a secondary concern.
Most of the senior Veritas management are no longer there... they bailed out, made to leave or were fired. The incompetent French management are left in charge of steering a sinking a ship.