e6vk
 
 
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a- 16 or 15d- 16 of
the Securities Exchange Act of 1934
For the month of April 2011
CGG-Veritas
Tour Maine Montparnasse — 33 Avenue du Maine — BP 191 — 75755 PARIS CEDEX 15 (address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F þ Form 40-F o
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No þ
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82 _______
 
 

 

 

CGGVeritas Provides its Vessel Utilization
Update for the First Quarter 2011
PARIS, France — April 8th 2011
CGGVeritas (ISIN: 0000120164 — NYSE: CGV) provides its vessel utilization and its fleet allocation updates for the first quarter of 2011.
Vessel utilization for the first quarter 2011:
• The vessel availability rate1 was 81% including 13% for the on-going upgrades of the Master and the Endeavour as part of our performance plan. This compares to a 84% availability rate in the fourth quarter of 2010 and a 90% rate in the first quarter of 2010.
• The vessel production rate2 was 80% following operational interruptions that resulted from maritime incidents and piracy risks which led to stand-by, additional transit and non-planned shipyards. This compares to a 92% production rate in the fourth quarter of 2010 and a 92% rate in the first quarter of 2010.
Fleet allocation update for the first quarter 2011:
During the first quarter of 2011, our 3D vessels were allocated 94% to contract and 6% to multi-client programs.
Multi-client sales for the first quarter 2011:
Following very strong seasonal sales in the fourth quarter of 2010, multi-client sales were low this quarter.
 
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 standby time between contracts, 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.

Page 2

 

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:
  Houston:
Christophe Barnini
  Hovey Cox
Tel: +33 1 64 47 38 10
  Tel: +1 (832) 351-8821
E-Mail: invrelparis@cggveritas.com
  E-Mail: invrelhouston@cggveritas.com
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.

Page 3

 

THIS FORM 6-K REPORT IS HEREBY INCORPORATED BY REFERENCE INTO THE PROSPECTUS CONTAINED IN CGG VERITAS’ REGISTRATION STATEMENT ON FORM S-8 (REGISTRATION STATEMENT NO. 333-150384) AND SHALL BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, Compagnie Générale de Géophysique — Veritas has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
         
     
Date April 8th, 2011  By  /s/ Gerard CHAMBOVET    
    Gerard CHAMBOVET   
    EVP General Secretary   
 

Page 4