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CGG : CGG Provides Its Vessel Utilization And Its Fleet Allocation Updates For The Second Quarter Of 2014

CGG provides its vessel utilization and its fleet allocation updates for the second quarter of 2014

PARIS, July 8, 2014 (GLOBE NEWSWIRE) --

Vessel utilization for the second quarter 2014:

The vessel availability rate 1 was 94%.This compares to a 93% availability rate in the second quarter of 2013 and a 94% rate in the first quarter of 2014.

The vessel production rate 2 was 92%.This compares to a 92% production rate in the second quarter of 2013 and a 93% rate in the first quarter of 2014.

Fleet allocation update for the second quarter 2014:

During the second quarter of 2014, our 3D vessels were allocated 52% (vs 51% in Q1 2014 and 21% in Q2 2013) to multi-client programs, including 17% of the 3D fleet being assigned as shooting vessels to our wide-azimuth multi-client programs.

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[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 9,500 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).

           
           

Contacts

Group Communications  Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: : invrelparis@cgg.com Investor Relations Catherine Leveau Tel: +33 1 64 47 34 89 E-mail: : invrelparis@cgg.com
           
       
       
 

Press Release PDF http://hugin.info/142000/R/1816630/628419.pdf

HUG#1816630

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