×

CGG Provides its Vessel Utilization Update for the First Quarter 2014

PARIS, April 9, 2014 (GLOBE NEWSWIRE) -- CGG provides its vessel utilization and its fleet allocation updates for the first quarter of 2014.

During the first quarter of 2014, the CGG Symphony has definitely stopped operations on February 10th

Vessel utilization for the first quarter 2014:

The vessel availability rate1 was 94%.This compares to a 88% availability rate in the first quarter of 2013 and a 83% rate in the fourth quarter of 2013.

The vessel production rate2 was 93%.This compares to a 93% production rate in the first quarter of 2013 and a 90% rate in the fourth quarter of 2013.

Fleet allocation update for the first quarter 2014:

During the first quarter of 2014, our 3D vessels were allocated 51% (vs 36% in Q1 2013) to multi-client programs, including 15% of the 3D fleet being assigned as shooting vessels to our wide-azimuth multi-clients programs.

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 CGG

CGG (www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary business divisions of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation.
CGG employs over 9,800 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.


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

Communications Contact

Christophe Barnini
Tel: +33 1 64 47 38 11
E-Mail: invrelparis@cggveritas.com

Investor Relations Contact

Catherine Leveau
Tel: +33 1 64 47 38 11
E-Mail: invrelparis@cggveritas.com

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.

Press Release - pdf version http://hugin.info/142000/R/1775518/605514.pdf

HUG#1775518

Source: CGG