The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Mining / Quarrying Mining And Quarrying Extraction Of Crude Petroleum And Natural Gas 06 - Extraction of crude petroleum and natural gas
900 jobs Number of planned job losses
Announcement Date
1 August 2014
Employment effect (start)
1 August 2014
Foreseen end date
31 December 2014
Description
French oil and gas services company CGG Veritás has announced plans to cut 10% of its employees worldwide by the end of 2014, corresponding to around 900 employees. The job cuts will take place via the closure of sites in Norway, Nigeria and Venezuela. It is not yet known how the redundancies will be split across the three locations. The company said that the decision to implement the restructuring plans had been motivated by a decline in revenues in the second quarter of 2014, with the group registering net losses of 325 million USD, as well as by adverse market conditions. The company also plans to reduce its fleet from 18 to 13 vessels and sell off land-based activities in North America.
The group employed 9,688 staff at the end of 2013.
Sources
1 August 2014: La Tribune
1 August 2014: The Wall Street Transcript
Citation
Eurofound (2014), CGG Veritás, Internal restructuring in World, factsheet number 77478, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77478.
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