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CGG: Vessel utilization and fleet allocation updates for third quarter 2014

PARIS, Oct. 9, 2014 (GLOBE NEWSWIRE) --

Vessel utilization for the third quarter of 2014:

The vessel availability rate1 was 92%.This compares to an 89% availability rate in the third quarter of 2013 and a 94% rate in the second quarter of 2014.

The vessel production rate2 was 92%.This compares to a 94% production rate in the third quarter of 2013 and a 92% rate in the second quarter of 2014.

Fleet allocation update for the third quarter of 2014:

During the third quarter of 2014, 44% of our 3D vessels were allocated to multi-client programs (vs 52% in Q2 2014 and 30% in Q3 2013).

Fleet coverage update for the fourth quarter of 2014 and first quarter of 2015:

Following recent contract awards, fleet coverage rates for the fourth quarter 2014 and for the first quarter 2015 are respectively at 85% and 60%.

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 9,500 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).

Contacts

Group Communications Investor Relations
Christophe Barnini Catherine Leveau
Tel: + 33 1 64 47 38 11 Tel: +33 1 64 47 34 89
E-Mail: invrelparis@cgg.com E-mail: invrelparis@cgg.com

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Source: CGG