CGG Q2 Vessel Availability Rate Plunges To 74% - Quick Facts

(RTTNews) - French geoscience company CGG (CGG) announced that the vessel availability rate for the second quarter was 74 percent, sharply down from the 94 percent availability rate in the year-ago quarter.

However, the vessel production rate was 94 percent, up from a 92 percent rate in the prior-year quarter.

During the second quarter, CGG's vessels were allocated 42 percent to multi-client programs, compared to 52 percent in the same quarter last year.

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 1 stands at 91 percent in the third quarter and 71 percent in the fourth quarter.