CGG Delivers Q1 2014 Vessel Utilization Report

CGG provided its vessel utilization and its fleet allocation updates for the first quarter of 2014.

During the first quarter of 2014, the CGG Symphony has definitely stopped operations on February 10th.

Vessel utilization for the first quarter of 2014:

• The vessel availability rate was 94%. This compares to a 88% availability rate in the first quarter of 2013 and a 83% rate in the fourth quarter of 2013.
• The vessel production rate was 93%. This compares to a 93% production rate in the first quarter of 2013 and a 90% rate in the fourth quarter of 2013.

Fleet allocation update for the first quarter of 2014:

• During the first quarter of 2014, the 3D vessels were allocated 51% (vs 36% in Q1 2013) to multi-client programs, including 15% of the 3D fleet being assigned as shooting vessels to the wide-azimuth multi-client programs.

CGG is a fully integrated Geoscience company providing geological, geophysical and reservoir capabilities to its customers primarily from the global oil and gas industry. Through its three complementary business divisions of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation.

CGG employs over 9,800 people around the world.