CGGVeritas Provides Vessel Utilization Update for the Second Quarter 2009
July 09 2009 - 1:00AM
Business Wire
Regulatory News:
CGGVeritas (Paris:GA) (NYSE:CGV) provides its vessel utilization
and its fleet allocation updates for the second quarter of
2009.
Vessel utilization for the second quarter 2009:
The following vessel utilization rates for the second quarter
2009 do not take into account the Harmattan, a 3D vessel which was
decommissioned during the quarter as part of our marine capacity
adjustment program.
? The vessel availability rate1 was 89%,
including a 5% impact related to standby between contracts. This
compares to a 93% availability rate in the first quarter 2009 and a
86% rate in the second quarter 2008;
? The vessel production rate2 was 88%. This
compares to a 89% production rate in the first quarter 2009 and a
80% rate in the second quarter 2008.
Fleet allocation update for the second quarter 2009:
During the second quarter of 2009, our 3D vessels were allocated
75% to contract and 25% to multi-client programs, a decrease in
multi-client investment in 2009, as planned.
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 CGGVeritas
CGGVeritas (www.cggveritas.com) 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. CGGVeritas is listed on the Euronext Paris (ISIN:
0000120164) and the New York Stock Exchange (in the form of
American Depositary Shares, NYSE: CGV).
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.
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