CGGVeritas Briefs on Vessel Fleet

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.

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