CGG Provides Vessel Utilization Update

CGG provides its vessel utilization and fleet allocation updates for the fourth quarter and full year of 2013.

Vessel utilization for the fourth quarter of 2013:

The vessel availability rate1 was 83%, in line with Company forecasts made during the recent Capital Market Day and following the delay of recently awarded large contracts. This compares to an 89% availability rate in the third quarter of 2013 and a 93% rate in the fourth quarter of 2012.

The vessel production rate2 was 90%. This compares to a 94% production rate in the third quarter of 2013 and an 89% rate in the fourth quarter of 2012.

During the fourth quarter of 2013, our 3D vessels were allocated 66% to contract and 34% to multi-client programs.

Vessel utilization and fleet allocation update for the full year 2013:

The vessel availability rate1 for the full year 2013 was 89%. This compares to a 90% rate for the full year 2012.

The vessel production rate2 was 92% for the full year 2013. This compares to a 90% rate for the full year 2012.

During 2013, our 3D vessels were allocated 72% to contract and 28% to multi-client programs.

Backlog as of January 1st 2014

CGG backlog as of January 1st 2014 stood at $1,340 million, sequentially stable and up 9% compared to last year.

Press Release, January 14, 2014; Image: CGG