What's happening to all the CGG vessels that have been cold stacked??? Looks like there is little chance of business picking up.... will they just sell them or cancel lease..... surely just sitting there doing nothing is costing money????
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Are the vessels that are currently operational owned by CGG or on lease?? How many vessels are currently working??
Guys, the main problems are not the vessels...is the headquarter!! Many lazies, ...bad decisions...and so on....
Q1 financial report is going to be released in early May. They might give an update to the status of their vessels. With the current oil price and the most optimistic prediction of oil price for the rest of the year around is expected to be around $55 ($50-$60) assuming that OPEC and non-OPEC members honor their pledges to cut production, there is no hope that these vessels are ever leave their dock soon. This is not applied just to CGG but to other companies doing deep marine exploration. Since marine exploration is the most money making business within CGG then more financial problem is expected in the coming months. It is not just the vessels are giving CGG headaches but also the airplanes that CGG owns because they are not doing well either.
No one wants them?
How much money is CGG wasting everyday?
The vessels are sitting at the dock with big red signs 'For Sale as is'