Earnings Release • Jan 14, 2014
Earnings Release
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PARIS, France – January 14, 2014
CGG provides its vessel utilization and fleet allocation updates for the fourth quarter and full year of 2013.
Vessel utilization for the fourth quarter of 2013:
CGG backlog as of January 1st 2014 stood at \$1,340 million, sequentially stable and up 9% compared to last year.
1 - 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 standby time, of the shipyard time and the steaming time (the "available time"), all divided by total vessel time;
2 - 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.
CGG (www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary business divisions of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation.
CGG employs over 9,800 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.
CGG is listed on the Euronext Paris SA (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG).
Christophe Barnini Tel: +33 1 64 47 38 11 E-Mail: [email protected]
Catherine Leveau Tel: +33 1 64 47 34 89 E-mail: [email protected]
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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