CGGVeritas Announces Activities Update (France)
CGGVeritas provides its vessel utilization, multi-client sales and free cash flow updates for the fourth quarter and for the full year 2012.
Vessel Utilization Rates
– For the fourth quarter 2012,
The vessel availability rate was 93%. This compares to a 93% availability rate in the third quarter of 2012 and an 81% rate in the fourth quarter of 2011.
The vessel production rate was 89%. This compares to a 90% production rate in the third quarter of 2012 and a 87% rate in the fourth quarter of 2011.
– For the full year 2012,
The vessel availability rate was 90%. This compares to a 86% availability rate for the full year 2011.
The vessel production rate was 90%. This compares to a 86% production rate for the full year 2011.
These rates are in line with the Company expectations and with the 2010 Performance Plan objectives.
Marine Multi-Client Production
During the fourth quarter of 2012, their 3D vessels were allocated 76% to contract and 24% to multi-client programs.
For the full year 2012, the 3D vessels were allocated 77% to contract (this compares to 91% in 2011) and 23% to multi-client programs (this compares to 9% in 2011).
Multi-client sales for the fourth quarter 2012 should be around $150 million, with a level of after-sales notably lower than expected. This is related in particular to the after-sales Brazilian market where significant potential deals discussed with main clients did not finally materialize by year end, due to the uncertainty remaining on the future offshore blocks to be licensed in the upcoming 2013 bid rounds.
As expected, the prefunding rate of the full year 2012 multi-client production should be above 70%.
Free Cash Flow
As targeted, the free cash flow was particularly high during the fourth quarter 2012 which should lead, despite the level of multi-client sales, to a positive free cash flow for the full year.
Press Release, January 9, 2013