French seismic acquisition firm CGG has posted strong results for Q4 2014 despite the current "unfavourable" oil price environment.
 |
|
The CGG Oceanic Vega. From CGG. |
The firm said its anticipates record multi-client sales for Q4 2014, at around US$290 million - the highest ever quarterly revenue for the firm.
"Significant client commitment for our StagSeisTM Gulf of Mexico program but also sustained multi-client sales in the North Sea, West Africa and Latin America drove multi-client revenue to this mark," says CGG.
CGG was recently subject to a takeover bid by Technip, which was rejected by CGG's board.
Jean-Georges Malcor, CEO, CGG, said: “Our outstanding level of multi-client sales this quarter is clearly positive news given the unfavorable context of current oil prices. It also confirms client recognition of our excellent technology and the unique strategic positioning of our multi-client library in key sedimentary geological basins.”
CGG said it had a solid vessel production rate for the fourth quarter of 2014. The vessel availability rate was 87%, due to typically high transit at this time of the year. This compares to an 83% availability rate in Q4 2013 and 92% in Q3 2014.
The vessel production rate was 92%. This compares to a 90% production rate in Q4 2013 and 92% in Q3 2014.
During Q4 2014, the firm's 3D vessels were allocated 64% to contract and 36% to multi-client programs.
Read more:
Subscribe
