CGGVeritas : Provides its Activity Update for the Fourth Quarter and for the Year 2012
January 9, 2013 - PARIS
CGGVeritas (ISIN: 0000120164 - NYSE: CGV)provides its vessel utilization,multi-client sales and free cash flow updates for the fourth quarter andfor thefull 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% productionrate for the full year 2011.
These rates are in line with the Company expectations and with our2010Performance Plan objectives.
Marine multi-client production
During the fourth quarter of 2012, our 3D vessels were allocated 76% tocontractand 24% to multi-client programs.
For the full year 2012, our 3D vessels were allocated 77% to contract(thiscompares to 91% in 2011) and 23% to multi-client programs (this comparesto 9%in 2011).
Multi-client sales for the fourth quarter 2012 should be around $150million,with a level of after-sales notably lower than expected. This isrelated inparticular to the after-sales Brazilian market where significant potentialdealsdiscussed with main clients did not finally materialize by year end, dueto theuncertainty remaining on the future offshore blocks to be licensedin theupcoming 2013 bid rounds.
As expected, the prefunding rate of our full year 2012 multi-clientproductionshould be above 70%.
Free cash flow
As targeted, the free cash flow was particularly high during the fourthquarter2012 which should lead, despite the level of multi-client sales, to apositivefree cash flow for the full year.
CGGVeritas (www.cggveritas.com) is a leading international pure-playgeophysicalcompany delivering a wide range of technologies, services and equipmentthroughSercel, to its broad base of customers mainly throughout the global oiland gasindustry.
CGGVeritas is listed on the Euronext Paris (ISIN: 0000120164) and the NewYorkStock Exchange (in the form of American Depositary Shares, NYSE: CGV).
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