CGGVeritas Provides Vessel Utilization Update for the Third Quarter 2009

October 8, 2009 1:00 AM EDT

PARIS--(BUSINESS WIRE)-- Regulatory News:

CGGVeritas (ISIN: 0000120164 - NYSE: CGV) (Paris: GA) (NYSE: CGV) provides its vessel utilization and its fleet allocation updates for the third quarter of 2009.

Vessel utilization for the third quarter 2009:

The following vessel utilization rates for the third quarter 2009 do not take into account the Harmattan, the Fohn and the Orion, three 3D vessels which were decommissioned during the second and the third quarters as part of our marine capacity adjustment program.

    --  The vessel availability rate1was 90%, including a 7% impact related to
        standby between contracts. This compares to an 89% availability rate in
        the second quarter 2009 and a 98% rate in the third quarter 2008.
    --  The vessel production rate2was 93%. This compares to an 88% production
        rate in the second quarter 2009 and a 90% rate in the third quarter
        2008.

Fleet allocation update for the third quarter 2009:

During the third quarter of 2009, our 3D vessels were allocated 86% to contract and 14% to multi-client programs, a decrease in multi-client investment in 2009, as planned.

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 sum of the standby time, of 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.

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).

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.

    Source: CGGVeritas

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