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CGG : CGG provides its Vessel Utilization for the Second Quarter of 2015

PARIS, July 8, 2015 (GLOBE NEWSWIRE) -- Vessel utilization for the second quarter 2015:

The vessel availability1 rate was 74%.This compares to a 84% availability rate in the first quarter of 2015 and a 94% rate in the second quarter of 2014.

This vessel availability rate this quarter is the consequence of:

  • a 10% high steaming rate to reposition vessels this quarter, from APAC and West Africa to NALA, for large tenders won recently.
  • a 13% high fleet standby rate mainly due to delays in permitting in Latin America.
  • and a 3% yard time.

The vessel production2 rate was 94%.This compares to a 92% production rate in the first quarter of 2015 and a 92% rate in the second quarter of 2014.

Fleet allocation update for the second quarter 2015:

During the second quarter of 2015, our vessels were allocated 42% to multi-client programs (vs 52% in Q2 2014 and 35% in Q1 2015).

Fleet coverage for the third and fourth quarter 2015:

Following the recent award of a large project in Latin America occupying two vessels until the end of the year, the fleet coverage as of July 1st stands at 91% in Q3 and 71% in Q4.

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 8,500 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 Christophe Barnini Tel: + 33 1 64 47 38 11
E-Mail: : invrelparis@cgg.com
Investor Relations Catherine Leveau
Tel: +33 1 64 47 34 89
E-mail: : invrelparis@cgg.com

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Source: CGG