Just when you think it can't get worse, another big loss with massive write offs.
Net loss of 790M Euro in Q4.
Stock down another 8%.
15 replies (most recent on top)
Oh dear Freddy , you really shouldn't post from in the CGG network , you know the traffic is logged.
These CGG management moles make me sick to the bottom of my long johns. Can we name and shame them? Our clients need to know. I can think of a few....
Oil business has always been boom and bust , or didn't you realise that when you joined ?
d'uh . and now it's layoff time - quelle surprise dudes
it's spelled personnel , by the way
The previous post from CGG management or personel presumably? Top trolling by the way! It may have escaped your attention but this site is about layoffs, people may not be too positive about the company.
really everyone on here are just a bunch of whining moaners.
If you hate the company so much why don't you just all p*ss off ?
Really you would buy an Audi when Audi are months away from going out of business ???
If you actually read the report , you see that performance was actually better than reported.
A lot of the write-offs are funny money since they relate to a revision, or write down , of the value of the multi client data, and they are using a more realistic accounting strategy for these.
If you read the client feedback reports, CGG is also consistently praised for quality of work.
CGG will continue to lose work because it is more expensive than others on bids, but you get what you pay for.
I'd rather pay more for an Audi than a Fiat.
The light around the corner is probably a train coming.
I think they are trying to tag the losses as "one-offs" due to restructuring.
...as they do every year :-).
Their income from operations actually grew though so maybe they are sloooooowly turning a corner. Or just waiting for the inevitable next round of downsizing.
Copy/paste from
https://finance.yahoo.com/news/cgg-cgg-announces-2018-fourth-060000381.html
We have a detailed plan in place on how to adapt our Marine and CGG support structure to fit the new profile, and it is currently being implemented within the constraints of the regulation in the various countries where we operate.
More layoffs in Massy, Singapore, Houston, Oslo, …???
If the earning was good why the stocks went down 7%?
This from the CGG website...
Sound financial situation Net debt at $733m by end of 2018 Gross debt of $1,167m !!
Considering their recent situation, maybe the parameters change, but is a $733m debt a sound financial situation?
Note that "discontinued operations" had a net loss of $488m which includes $406m for provisions and impairments. Does this mean that they don't expect to get much from the acquisition sale?
Almost expect to see CGG Acquisition on eBay with a starting bid of $100.00
Perversely I think other seismic firms hope CGG survive. When pitching to clients, they say if you think we are bad, then you could always use CGG....
i thought q4 figures were good