CGG Provides its Vessel Utilization Update for the Fourth Quarter 2010
PARIS, France – January 11th 2011
CGGVeritas (ISIN: 0000120164 – NYSE: CGV) provides its vessel utilization and its fleet allocation updates for the fourth quarter of 2010.
Vessel utilization for the fourth quarter 2010:
- The vessel availability rate1 was 84% including the planned shipyard of the Geowave Master. This compares to a 87% availability rate in the third quarter of 2010 and a 86% rate in the fourth quarter of 2009. The vessel availability rate for the full year 2010 was 88%.
- The vessel production rate2 was 92%. This compares to a 87% production rate in the third quarter of 2010 and a 83% rate in the fourth quarter of 2009. The vessel production rate for the full year 2010 was 91%.
Fleet allocation update for the fourth quarter 2010:
During the fourth quarter of 2010, our 3D vessels were allocated 91% to contract and 9% to multi-client programs.
Multi-client sales for the fourth quarter 2010:
Strong multi-client sales were recorded during the quarter, including 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 standby time between contracts, 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.
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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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.