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    Home > Investors > Press Releases > Vessel Utilization Q4 2009
CGGVeritas Provides its Vessel Utilization Update for the Fourth Quarter 2009

PARIS, France – January 6th 2010

CGGVeritas (ISIN: 0000120164 – NYSE: CGV) provides its vessel utilization and its fleet allocation updates for the fourth quarter of 2009.

Vessel utilization for the fourth quarter 2009:

The following vessel utilization rates for the fourth quarter 2009 do not take into account the Search, one of our mid-capacity 3D vessels which was decommissioned during the quarter. In 2009, a total of four mid-capacity 3D vessels, the Harmattan, the Føhn, the Orion and the Search were decommissioned as part of our marine capacity adjustment program.

  • The vessel availability rate1 was 86%, including high steaming time at 7%. This compares to a 90% availability rate in the third quarter of 2009 and a 91% rate in the fourth quarter of 2008. The vessel availability rate for the full year 2009 was 89% including a 4% impact related to standby between contracts.
  • The vessel production rate2 was 83% as two vessels were withdrawn from operations for around one month each for repairs. Both vessels were back in production in December. This production rate compares to a 93% rate in the third quarter of 2009 and an 89% rate in the fourth quarter of 2008. The vessel production rate for the full year 2009 was 89%.

Fleet allocation update for the fourth quarter 2009:

During the fourth quarter of 2009, our 3D vessels were allocated 90% to contract and 10% to multi-client programs.

Multi-client sales for the fourth quarter 2009:

Strong multi-client sales were recorded during the quarter both offshore Brazil and in the Gulf of Mexico.


1  - The vessel availability rate, a metric measuring the structural availability of our vessels to meet demand; this metric is related to the entire fleet, and corresponds to the total vessel time reduced by the sum of the standby time, of the shipyard time and the steaming time (the “available time”), all divided by total vessel time;

2  - The vessel production rate, a metric measuring the effective utilization of the vessels once available; this metric is related to the entire fleet, and corresponds to the available time reduced by the operational downtime, all then divided by available time.

About CGGVeritas

CGGVeritas (www.cggveritas.com) is a leading international pure-play geophysical company delivering a wide range of technologies, services and equipment through Sercel, to its broad base of customers mainly throughout the global oil and gas industry.

CGGVeritas is listed on the Euronext Paris (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGV).

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Investor Relations Contacts

Paris:
Christophe Barnini
Tel.: +33 1 64 47 38 10
E-Mail: invrelparis@cggveritas.com

Houston:
Hovey Cox
Tel.: +1 832 351 8821
E-Mail: invrelhouston@cggveritas.com

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The information included herein contains certain forward-looking statements within the meaning of Section 27A of the securities act of 1933 and section 21E of the Securities Exchange Act of 1934. These forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties as disclosed by the Company from time to time in its filings with the Securities and Exchange Commission. Actual results may vary materially.

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September 10, 2010  |  © CGGVeritas 2010  |   Legal Notice