CGGVeritas cuts fleet by seven

CGGVeritas is downsizing its marine fleet, in light of continued weakness in the seismic acquisition market.

Offshore staff

PARIS-- CGGVeritas is downsizing its marine fleet, in light of continued weakness in the seismic acquisition market.

Recently the company decommissioned its 3D vessel Harmattan. Following contract completions, two more 3D vessels and one 2D vessel will be taken out of service this year, with a further three 3D vessels to follow in 2010. This will leave the company with a 20-strong fleet.

Chairman and CEO Robert Brunck commented: “The oil price increase since the beginning of the year has generated growing interest in our recent multi-client programs, and is a positive sign for the future, but has not yet been sufficient to initiate a rebound in the seismic market.”

CGGVeritas’ multi-client marine revenue for the second quarter of the current financial year was down 31% from the corresponding total last year. During this period, the company had four 3D vessels active: one in the Gulf of Mexico on the 3 Corners wide-azimuth survey; one off Brazil, in an extension program of the Santos cluster survey around the Tupi discovery; one in the North Sea; and one offshore Australia.

07/30/2009

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