CGGVeritas Provides Vessel Utilization Update for 2Q 2009

CGGVeritas 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 the company's marine capacity adjustment program.

  • The vessel availability rate 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 rate was 88%. This compares to a 89% production rate in the first quarter 2009 and a 80% rate in the second quarter 2008.

During the second quarter of 2009, CGGVeritas' 3D vessels were allocated 75% to contract and 25% to multi-client programs, a decrease in multi-client investment in 2009, as planned.