CGGVeritas Provides Status Update for Fleet Utilization

CGGVeritas has provided its vessel utilization and its fleet allocation updates for the fourth quarter of 2009.

Vessel utilization for the fourth quarter 2009:

The following vessel utilization rates for the fourth quarter 2009 do not take into account the Search, one of our mid-capacity 3D vessels which was decommissioned during the quarter. In 2009, a total of four mid-capacity 3D vessels, the Harmattan, the Føhn, the Orion and the Search were decommissioned as part of our marine capacity adjustment program.

The vessel availability rate1 was 86%, including high steaming time at 7%. This compares to a 90% availability rate in the third quarter of 2009 and a 91% rate in the fourth quarter of 2008. The vessel availability rate for the full year 2009 was 89% including a 4% impact related to standby between contracts.

The vessel production rate2 was 83% as two vessels were withdrawn from operations for around one month each for repairs. Both vessels were back in production in December. This production rate compares to a 93% rate in the third quarter of 2009 and an 89% rate in the fourth quarter of 2008. The vessel production rate for the full year 2009 was 89%.

Fleet allocation update for the fourth quarter 2009:

During the fourth quarter of 2009, our 3D vessels were allocated 90% to contract and 10% to multi-client programs.

Multi-client sales for the fourth quarter 2009:

Strong multi-client sales were recorded during the quarter both offshore Brazil and in the Gulf of Mexico.