CGG to let go of more staff and ships

Paris: The low oil prices are having a torrid time for French oil field seismic surveyor, CGG, forcing it to cut back further on staff and its fleet.

The Paris-headquartered firm, which turned down a takeover bid from Technip recently, suffered a $1.2bn net loss last year.

Another 400 jobs are set to go at CGG while the fleet will be slashed to 11, down from 13 last year and 18 in 2013.

CGG top management has now hinted that they would not be averse to another takeover offer from fellow French firm, Technip.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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