The decision by Compagnie Generale de Geophysique (CGG) to file for Chapter 11 bankruptcy protection is another milestone — or perhaps tombstone — in the decline of the offshore market.
The once-proud French seismic services and equipment provider and offshore vessel owner has hit the hardest of times with debts of $2bn.
CGG, which had 7,000 staff as recently as 2015, has been severely whacked by the collapse in oil prices in the past three years.