French seismic contractor, CGG, has seen its vessel availability rate at 84 per cent, compared to a 74 per cent availability rate in the first quarter of 2015 and a 92 per cent rate in the second quarter of 2014.
The vessel production rate was 92 per cent, compared to a historic high 94 per cent production rate in the second quarter of 2015 and a 92 per cent rate in the third quarter of 2014.
CGG’s vessel availability rate, is a metric measuring the structural availability of its vessels to meet demand, while the vessel production rate is a metric measuring the effective utilization of the vessels once available.
During the third quarter of 2015, CGG 3D vessels were allocated 33 per cent to multi-client programs.
The transformation plan CGG launched in 2013 to adapt to the new environment and market conditions has led to downsizing of its fleet from 18 to 11 vessels.