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CGGVeritas : Provides its Activity Update for the Fourth Quarter and for the Year 2012

PARIS -- (Marketwire) -- 01/09/13 -- CGGVeritas (ISIN: 0000120164 - NYSE: CGV) 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

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 our 2010 Performance Plan objectives.

Marine multi-client production

During the fourth quarter of 2012, our 3D vessels were allocated 76% to contract and 24% to multi-client programs.

For the full year 2012, our 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

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 our 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.

About CGGVeritas

CGGVeritas (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).

Press Release in pdf:


This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: CGGVeritas via Thomson Reuters ONE


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