CGGVeritas Reports Seismic Fleet Well Employed Q3 2012

CGGVeritas provides its seismic survey vessel utilization & fleet allocation updates for the third quarter 2012.

CGGVeritas is a leading international pure-play geophysical company delivering a wide range of technologies, services and equipment through Sercel, to its broad base of customers mainly throughout the global oil and gas industry.

Vessel utilization for the third quarter 2012:
    •    The vessel availability rate1 was 93%. This compares to a 91% availability rate in the third quarter of 2011 and a 91% rate in the second quarter of 2012.
    •    The vessel production rate2 was 90%. This compares to a 93% production rate in the third quarter of 2011 and a 91% rate in the second quarter of 2012.

Fleet allocation update for the third quarter 2012:
During the third quarter of 2012, our 3D vessels were allocated 72% to contract and 28% to multi-client programs.

NB: The vessel availability rate is a metric measuring the structural availability of CGGVeritas 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.

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.