CGGVeritas Briefs on Vessel Fleet

CGGVeritas Briefs on Vessel Fleet

Friday, April 08, 2011

CGG Veritas

CGGVeritas provided its vessel utilization and its fleet allocation updates for the first quarter of 2011.
Vessel utilization for the first quarter 2011:

• The vessel availability rate1 was 81% including 13% for the on-going upgrades of the Master and the Endeavour as part of our performance plan. This compares to a 84% availability rate in the fourth quarter of 2010 and a 90% rate in the first quarter of 2010.
• The vessel production rate2 was 80% following operational interruptions that resulted from maritime incidents and piracy risks which led to stand-by, additional transit and non-planned shipyards. This compares to a 92% production rate in the fourth quarter of 2010 and a 92% rate in the first quarter of 2010.

Fleet allocation update for the first quarter 2011:

• During the first quarter of 2011, our 3D vessels were allocated 94% to contract and 6% to multi-client programs.

Multi-client sales for the first quarter 2011:

• Following very strong seasonal sales in the fourth quarter of 2010, multi-client sales were low this quarter.