CGG cuts 930 jobs

FRENCH geoscience firm CGG is slashing 13% of its global workforce – 930 jobs – and reducing its marine fleet to just five vessels to keep the positive free cash flow it has managed to maintain amid crumbling oil prices – an environment it expects to persist in the long term.

CGG cuts 930 jobs CGG cuts 930 jobs CGG cuts 930 jobs CGG cuts 930 jobs CGG cuts 930 jobs

The measures are part of the company's efforts to finance its "transformation" by disposing non-core assets and pursuing an equity offering or sale of a minority interest in the company.

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