paris : GA

July 10, 2013 01:50 ET

CGG Provides its Vessel Utilization Update for the Second Quarter 2013

PARIS--(Marketwired - Jul 10, 2013) - CGG provides its vessel utilization and its fleet allocation for the second quarter of 2013.

Vessel utilization for the second quarter 2013:

* The vessel availability rate(1) was 93%.This compares to a 91% availability rate in the second quarter of 2012 and a 88% rate in the first quarter of 2013.

* The vessel production rate(2) was 92%.This compares to a 91% production rate in the second quarter of 2012 and a 93% rate in the first quarter of 2013.

Fleet allocation update for the second quarter 2013:

Our 3D vessels were allocated during the quarter 79% to contract and 21% to multi-client programs compared to 17% and 36% of our 3D vessels allocated to multi-client in the second quarter 2012 and first quarter 2013.

Multi-Client Sales:

Multi-client sales and the prefunding rate for the second quarter 2013 should be in line with our expectations.

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 ( 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).

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.

CGG - Vessel Utilization Update for the 2nd Quarter 2013:

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(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: CGG via Thomson Reuters ONE


Contact Information

  • Investor Relations Contact

    Christophe Barnini
    Tel: +33 1 64 47 38 11
    E-Mail: Email Contact