CGGVeritas Provides Vessel Utilization and Fleet Allocation Updates (France)

CGGVeritas provides its vessel utilization and its fleet allocation updates for the third quarter of 2011.

Vessel utilization for the third quarter 2011:

-The vessel availability rate was 91% including initial shipyard of the Champion for upgrades as part of our performance program. This compares to a 92% availability rate in the second quarter of 2011 and a 87% rate in the third quarter of 2010.

-The vessel production rate was 93%. This compares to a 85% production rate in the second quarter of 2011 and a 87% rate in the third quarter of 2010.

Fleet allocation update for the third quarter 2011:

-During the third quarter of 2011, our 3D vessels were allocated 88% to contract and 12% to multi-client programs.

About CGGVeritas

CGGVeritas is a leading international pure-play geophysical company delivering a wide range of technologies, services and equipment through Sercel, to its broad base of customers mainly throughout the global oil and gas industry.

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Source: CGGVeritas , October 10 , 2011