Compagnie Générale de Géophysique-Veritas SA Presents at Citi's Global Energy and Utilities Conference, May-14-2013 08:45 AM. Venue: Hyatt Regency, One Avenue De Lafayette, Boston, Massachusetts, United States. Speakers: Christophe Barnini, SVP, Investor Relations.

Compagnie Générale de Géophysique-Veritas SA reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total income from ordinary activities was $871.3 million against $786.6 million for the same period last year. Operating income was $151.8 million against $53.8 million for the same period last year. Net income was $79.1 million against net loss of $3.5 million for the same period last year. Net income attributable to owners of CGGVeritas was $76.7 million or $0.42 per diluted share against net loss attributable to owners of CGGVeritas of $8.7 million or $0.05 per diluted share for the same period last year. Global Capex was $202 million against $203 million for the same period last year. Group EBITDAs was $313 million against $212 million a year ago. Group EBIT was $162 million against $57 million for the same period last year. Net Debt as at March 31, 2013 was $2,092 million against $1,512 million as on March 31, 2012. Net cash provided by operating activities was $62.8 million against 192.5 million a year ago. Capital expenditures (including variation of fixed assets suppliers, excluding multi-client surveys) were $76.1 million against $117.3 million a year ago. The company confirms its financial guidance of 2013. It shall have no negative impact of the full year EBIT of nonrecurring charges and provision related to Fugro acquisition, should be offset by the capital gain on SWOBS. The CapEx, as it said before, should remain within the range between $350 million to $400 million. The multi-client between $350 million and $400 million, with about 75% pre-funding. And with that, it expects to deliver a revenue growth of about 25%, with improved EBIT, with improved return on capital employed and a positive cash generation.

ViaLogy announced that it has signed a Business and Technical Collaboration Agreement with Compagnie Générale de Géophysique-Veritas SA. It provides ViaLogy with global sales and services locations, access to CGG customers, assistance in scaling ViaLogy's QuantumRD technology to large geographical areas, and specialized high tech data processing to prepare seismic datasets for QuantumRD. Support in the form of CGG personnel, facilities, past project experience, and assistance with tender submissions are also part of the arrangement. In exchange, CGG will receive reimbursement for services, and will be able to monitor and exploit the QuantumRD technology for its own business and technical purposes, and collaborate on an exclusive basis with ViaLogy technologists. The signing of the agreement comes after several months of consultation between the two companies and the completion of a demonstration exercise for QuantumRD. The ViaLogy and CGG technical teams worked closely together on the project. Under the terms CGG has agreed to assist in facilitating ViaLogy's business growth and scalability in the oil and gas exploration industry by providing technical advice and introductions to selected worldwide clients. A joint objective will be to deliver high quality analysis results on large development projects, thus mitigating execution risk for customers. Ideally, CGG will process all data for ViaLogy analysis, ensuring the data quality, retention of data characteristics important for QuantumRD, and leading to repeat business for both parties. Ownership of the intellectual property related to QuantumRD will remain the property of ViaLogy. Any joint development products that may arise from the collaboration will also be owned by ViaLogy and can be used under royalty-free licence by CGG.