Vessel utilization for the second quarter 2015:

The vessel availability1 rate was 74%.This compares to a 84% availability rate in the first quarter of 2015 and a 94% rate in the second quarter of 2014.

This vessel availability rate this quarter is the consequence of:

• a 10% high steaming rate to reposition vessels this quarter, from APAC and West Africa to NALA, for large tenders won recently.

• a 13% high fleet standby rate mainly due to delays in permitting in Latin America.

• and a 3% yard time.

The vessel production2 rate was 94%.This compares to a 92% production rate in the first quarter of 2015 and a 92% rate in the second quarter of 2014.

Fleet allocation update for the second quarter 2015:

During the second quarter of 2015, our vessels were allocated 42% to multi-client programs (vs 52% in Q2 2014 and 35% in Q1 2015).

Fleet coverage for the third and fourth quarter 2015:

Following the recent award of a large project in Latin America occupying two vessels until the end of the year, the fleet coverage as of July 1st stands at 91% in Q3 and 71% in Q4.

Tags: CGG