CGGVeritas Announces Third Quarter 2011 Results
Strengthening Results in Q3
Early Impact of our Performance Plan
Revenue up 21%
Operating Income at $98m, a 12% margin
Net Income of $41m

PARIS, France ­ November 9th 2011 ­ CGGVeritas (ISIN: 0000120164 ­ NYSE: CGV) announced today its non-audited third quarter 2011 consolidated results. All comparisons are made on a year-on-year basis unless stated otherwise.
Strengthening Financial Results

Group Revenue was $797 million, up 21% year-on-year and 6% sequentially.
Group Operating Income was $98 million, a 12% margin. o Sercel delivered excellent results with Operating Income at $87m, a 32% margin. o Services strengthened significantly with Operating Income at $53m, a 9% margin, mainly driven by strong Marine performance in the continued low priced environment.
Net Income was $41 million compared to a loss of $33 million in the third quarter 2010.

Group Operating Cash Flow was $119 million up 45% year-on-year and $486 million for the first nine months of the year, up 54%.

Net Free Cash Flow was negative at $66 million for the quarter and negative at $8 million for the first nine months of the year compared to a negative Net Free Cash Flow of $213m for the first nine months of 2010.
Net Debt to Equity ratio was stable at 41% compared to the end of 2010.

Positive Impacts of Performance Plan
Strong vessel utilization rates with vessel availability at 91% and vessel production at 93%.

Vessel upgrade plan on schedule:
The new X-BOW Oceanic Sirius, designed for 20 streamers, was delivered on October o 3rd, 2011.
The upgraded Oceanic Phoenix and Endeavour were back in operations. The o
Endeavor completed the first BroadSeisTM wide-azimuth project ahead of schedule.

The Champion, the last of our vessels targeted for the performance program was o delivered to the shipyard for major upgrade.
The commercial success of BroadSeisTM was confirmed with more than 10 surveys acquired since the beginning of the year, including the first BroadSeisTM wide-azimuth.
The strategic agreement with Spectrum was finalized. The disposal of our 2D marine library generated a capital gain of $19 million this quarter and CGGVeritas now owns a 25% stake in the company.
Backlog at the end of the quarter was $1.24 billion

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