CGGVeritas provided its vessel utilization and fleet allocation updates for the second quarter of 2008 and announces the release date for the second quarter financial results.
Going forward, CGGVeritas will publish on a quarterly basis a vessel utilization update where two indicators will be disclosed. These will include vessel availability rate, a metric measuring the structural availability of our vessels to meet demand, is related to the entire fleet and corresponds to the total vessel time, reduced by the sum of the shipyard time and the steaming time, all then divided by total vessel time. And also vessel production rate, a metric measuring the effective utilization of the vessels once available, is related to the entire fleet and corresponds to the available time reduced by operational downtime and then divided by available time.
During the second quarter 2008 the vessel availability rate was 86%; this compares to a 92% vessel availability rate sequentially and 80% in second quarter 2007. The vessel production rate was 80%; this compares to a 90% vessel production rate sequentially and 86% in second quarter 2007.
As communicated during our first quarter 2008 earnings conference call, the sequentially lower second quarter 2008 utilization rates are in line with management estimates and are based on seasonal steaming, return of vessels for defective maritime equipment and the loss of propulsion incident on the Symphony. All impacted vessels including the Symphony returned to operations in June.
Fleet allocation updates for the second quarter 2008 were that the 3D vessels were allocated 75% to contract and 25% to multi-client programs.
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