Business News for the week of 7 July 2014

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Seismic crew survey reports

Dolphin tows 14-streamer configuration

7 July 2014 — Dolphin Geophysical’s Polar Marquis is towing a record 14-streamer configuration of 14 x 100 m x 6000 m in the Black Sea — one of only three surveys ever conducted at that configuration. The vessel has more than 220 tons of bollard pull and can achieve a 5-knot acquisition speed on this record large configuration, using only 70% of the available propulsion.

This newest addition to the fleet enables Dolphin to offer a lower square-kilometer rate to the market and reduce exploration time.

During second quarter 2015 Dolphin, will take delivery of the Polar Empress, a 22-streamer, purpose-built, high-capacity 3D vessel with more than 300 tons of bollard pull. The vessel will enable Dolphin to meet the demands of today’s deepwater frontier exploration needs.


CGG announces vessel use and fleet updates

8 July 2014 — CGG announces its vessel use and fleet-allocation update for the second quarter of 2014. Vessel availability rate was 94%. This compares with a 93% rate in the second quarter of 2013 and a 94% rate in the first quarter of 2014. Vessel production rate was 92%. This compares with 92% in the second quarter of 2013 and 93% in the first quarter of 2014.

During the second quarter of 2014, 3D vessels were allocated 52% (compared with 51% in first quarter 2014 and 21% in second quarter 2013) to multiclient programs, including 17% of the 3D fleet being assigned as shooting vessels to wide-azimuth multiclient programs.

Vessel availability rate is a metric measuring structural availability of vessels to meet demand. This metric is related to the entire fleet and corresponds to total vessel time reduced by the sum of standby time, shipyard time, and steaming time (“available time”), all divided by total vessel time.

Vessel production rate is a metric measuring effective use of vessels once available. This metric is related to the entire fleet and corresponds to available time reduced by operational downtime, all then divided by available time.


Paradigm renews Agreement with Mira Geoscience

9 July 2014 — Paradigm® announces that it has renewed its value-added reseller agreement with Mira Geoscience for delivery of Paradigm SKUA-GOCAD™ modeling software to the global mining industry. SKUA-GOCAD enables the interpretation and integration of multidisciplinary data from many disparate sources into a single, quantitatively consistent 3D model. The software ensures that 3D geologic models respect a consistent structural, stratigraphic, and topological framework suite for discovery and recovery of mineral resources.