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CGG Provides Its Vessel Utilization Update For The Third Quarter 2013

PARIS, Oct. 10, 2013 (GLOBE NEWSWIRE) --

CGG  provides its  vessel utilization  and its  fleet allocation updates for the
third quarter of 2013.


Vessel utilization for the third quarter of 2013:

  * The   vessel  availability  rate(1)  was  89% in  line  with  the  Company's
    expectations  as a consequence of a higher level of planned maintenance this
    quarter.  This compares to  a 93% availability rate  in the third quarter of
    2012 and in the second quarter of 2013.

  * The  vessel production  rate(2) was  94% at a  historically high level. This
    compares  to a 90% production rate  in the third quarter  of 2012 and a 92%
    rate in the second quarter of 2013.


Fleet allocation update for the third quarter of 2013:

During  the third quarter of 2013, our 3D vessels were allocated 78% to contract
and 22% to multi-client programs.



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 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).




Contact

Christophe Barnini
Tel: +33 1 64 47 38 11
E-Mail: invrelparis@cggveritas.com





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 Q3 2013: http://hugin.info/142000/R/1734568/581024.pdf

[HUG#1734568]

Stock quotes in this article: CGG 

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