France: CGGVeritas’ Revenue 10 Pct Up in 2011

CGGVeritas Board of Directors approved on February 29, 2012, the 2011 financial statements of the Company, on which the independent auditors are in the process of completing their audit procedures.

Fourth Quarter 2011 key figures:

* 2011 Revenue up 10% and Cash Flow from Operations up 36%

* Operating Income at $208 million

* Net Free Cash Flow of $94 million and

* 2012 Outlook: Growth and Performance

CGGVeritas CEO, Jean-Georges Malcor commented:

“We are pleased to report that our performance plan, which included significant fleet upgrades, started to show results as early as the second half of 2011. Despite the continued challenging marine marketplace, unrest in North Africa and the Middle East, and the measured recovery of the Gulf of Mexico, free cash flow was strong and well above our target for the year.

Looking forward into 2012, in the context of a strong oil price environment, E&P spending is expected to continue to grow. Demand for high-end technologies and solutions should favor our activities and strengthen the success of our differentiating offers such as BroadSeis. Sercel is poised for another year of excellence and Services activities could significantly improve based on the combined impact of our performance plan and the gradual increase of marine prices.

The ongoing strengthening of our high-end positioning and technological differentiation positions us to fully benefit from the expected robust seismic market conditions. In this context, I believe that CGGVeritas in 2012 can start a new journey of growth and strengthen its financial and operational performance”.

More info: 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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Subsea World News Staff , March 01, 2012;  Image: CGGVeritas