PARIS, October 7 /PRNewswire-FirstCall/ -- CGGVeritas (ISIN: 0000120164 - NYSE: CGV) provides its vessel utilization and its fleet allocation updates for the third quarter of 2008.
Vessel utilization update for the third quarter 2008:
On a quarterly basis, CGGVeritas publishes its vessel utilization updates. Two indicators are disclosed:
- The vessel availability rate, a metric measuring the structural
availability of our vessels to meet demand; this metric is related
to the entire fleet, and corresponds to the total vessel time reduced
by the sum of the shipyard time and the steaming time (the "available
time"), all divided by total vessel time;
- The vessel production rate, a metric measuring the effective
utilization of the vessels once available; this metric is related to
the entire fleet, and corresponds to the available time reduced by the
operational downtime, all then divided by available time.
As expected, in the third quarter, vessel utilization rates strengthened significantly from the previous quarter:
- The vessel availability rate was 98%, this compares to an 86% vessel
availability rate sequentially and 90% in third quarter 2007.
- The vessel production rate was 90%, this compares to an 80%
vessel production rate sequentially and 85% in third quarter 2007.
Fleet allocation update for the third quarter 2008:
During the third quarter 2008, our 3D vessels were allocated 65% to contract and 35% to multi-client programs.
About CGGVeritas
CGGVeritas (http://www.cggveritas.com/) 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. CGGVeritas is listed on the Euronext Paris (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGV).
Investor Relations Contacts:
Paris:
Christophe Barnini,
Tel: +33-1-64-47-38-10,
E-Mail: invrelparis@cggveritas.com;
Houston:
Hovey Cox,
Tel: +1-832-351-8821,
E-Mail: invrelhouston@cggveritas.com
The information included herein contains certain forward-looking statements within the meaning of Section 27A of the securities act of 1933 and section 21E of the Securities Exchange Act of 1934. These forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties as disclosed by the Company from time to time in its filings with the Securities and Exchange Commission. Actual results may vary materially.
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