It is true and because of this CGG will never become a profitable company. They will be always in debt because they have too many levels of management and affiliated non-technical staffs to do their paper works and travel bookings. How could they make money with too many layers of managers especially under the current market condition when they are not getting enough projects and when their bid on a project slashed to half of what they used to bid on in the past. For example, in one of their section there are less than 5 technical staffs but with a team leader, one or more marketing and sale manager, technical manager, director, vice president, president, senior vice president, CEO.
Agreed, @OkjPLZ9-4mzy. Just trimming the fat in management ranks could do wonders for CGG. Not that it will happen, mind you. We know who is always safe, whether they are useful or not.