France: CGGVeritas Provides Vessel Utilization Update

CGGVeritas provides its vessel utilization and its fleet allocation updates for the first quarter of 2012.

Vessel utilization for the first quarter 2012:

* The vessel availability rate was 84% including 6% associated with the on-going upgrade of the Oceanic Champion which was finished on March 31st and of traditional higher transit times during the first quarter.

This compares to a 81% availability rate in the first quarter of 2011 and a 81% rate in the fourth quarter of 2011.

* The vessel production rate was 92%. This compares to a 81% production rate in the first quarter of 2011 and a 87% rate in the fourth quarter of 2011.

Fleet allocation update for the first quarter 2012:

During the first quarter of 2012, our 3D vessels were allocated 77% to contract and 23% to multi-client programs.

[mappress]
Subsea World News Staff , April 11, 2012;