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



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

 
 

   

PARIS, France - January 9^th 2013

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 2011.
     

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).

 
Investor Relations Contacts
 Paris:
 Christophe Barnini
 Tel.: +33 1 64 47 38 11
 E-Mail: invrelparis@cggveritas.com
 

Press Release in pdf

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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
HUG#1669134
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