CGG in Record Q4 Multi-Cliet Sales

CGG has announced record quarterly multi-client sales and solid vessel production rate for the fourth quarter (Q4) 2014.

Jean-Georges Malcor, CEO, CGG, said: “Our outstanding level of multi-client sales this quarter is clearly positive news given the unfavorable context of current oil prices. It also confirms client recognition of our excellent technology and the unique strategic positioning of our multi-client library in key sedimentary geological basins.”

Solid vessel production rate for the fourth quarter of 2014:

– The vessel availability(1) rate was 87% due to typically high transit at this time of the year. This compares to an 83% availability rate in the fourth quarter of 2013 and a 92% rate in the third quarter of 2014;
– The vessel production(2) rate was 92%. This compares to a 90% production rate in the fourth quarter of 2013 and a 92% rate in the third quarter of 2014;
– During the fourth quarter of 2014, our 3D vessels were allocated 64% to contract and 36% to multi-client programs.

Record quarterly multi-client sales for the fourth quarter 2014:

– CGG anticipates multi-client sales around $290 million during the fourth quarter of 2014, the highest ever quarterly revenue;
– Significant client commitment for our StagSeisTM Gulf of Mexico program but also sustained multi-client sales in the North Sea, West Africa and Latin America drove multi-client revenue to this mark.

Press Release