Subsea World News - CGG Provides Third Quarter 2013 Vessel Utilization Update

CGG provides its vessel utilization and its fleet allocation updates for the third quarter of 2013.

Vessel utilization for the third quarter of 2013:

- The vessel availability rate was 89% in line with the Company’s expectations as a consequence of a higher level of planned maintenance this quarter. This compares to a 93% availability rate in the third quarter of 2012 and in the second quarter of 2013.

- The vessel production rate was 94% at a historically high level. This compares to a 90% production rate in the third quarter of 2012 and a 92% rate in the second quarter of 2013.

Fleet allocation update for the third quarter of 2013:

During the third quarter of 2013, our 3D vessels were allocated 78% to contract and 22% to multi-client programs.

Press Release, October 10, 2013