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    Veritas DGC in cautious mood

    News // March 15, 2002
    Announcing its latest financial results Veritas DGC said that operationally, the company had an "exceptional" quarter, led by strong marine multi-client revenues and improved gross margins. Marine multi-client revenues in the quarter were the highest ever. The company's order backlog also remains at relatively high levels.

    Dave Robson, Chairman and CEO of the company, said: "In spite of strong results, we are cautious about the outlook for the seismic business over the next twelve months...due to uncertain economic conditions."

    Multi-client revenues increased by 10 per cent during the quarter with marine increasing by 51 per cent and land decreasing by 41 per cent. The large increase in marine revenue was a result of record late sales in the Gulf of Mexico, the Brazil cluster project and good pre-funding levels on the Company's Gulf of Mexico PSDM reprocessing projects.

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