Disappointing first quarter for CGG Veritas .

Keywords: Parapetrolic, Quarterly Results, PARIS, Robert Brunck, CGG Veritas.

 The oil-related group has published quarterly results below expectations. The stock market punishes. But consulting firms support this company prospects reassuring.

The accounts of the first quarter of Compagnie Generale de Geophysique-Veritas (CGG Veritas) illustrate the difficult trading conditions which prevailed in the second half.
Specialist Geophysics, whose clients include oil and gas companies, released Wednesday morning net income symbolic first three months of the year: 1 millionOr 760,000 euros. It was 5 million in the fourth quarter 2009 and 71 million over the first three months of 2009.
Another sign of weakness to the group led by Robert Brunck, operating profit of 37 million dollars (28.5 million euros) between January and March 2010, which fell by 33% compared to the previous period and is and divided by more than three compared to first quarter 2009. Operating margin also exited at 5%, against 7% and 15%. What is much less than the operating profit expected by analysts of Gilbert Dupont (7.5%).
For the CEO of CGG Veritas, the rest of 2010, increased investment in exploration and oil production continues, "and will gradually lead the market upward seismic. A recovery that will benefit from first Sercel, the seismic equipment manufacturing industry (32% of sales), the group said.

The stock price in great form since the beginning of the year:
This quarterly publication disappoint Wednesday: CGG Veritas shares fell by more than 7% at the Paris Bourse. They cotent to 15 hours, 20.3 euros.
But since the beginning of the year, the increase in stock price is still high at almost 43% amid positive recommendations from several research firmsEssentially optimistic about the prospects of CGG Veritas.
Like Bank of America-Merrill Lynch, which raised its price target on the value of 20-27 euros, saying that "the average life span of the fleet grow from 18 years in 2007 to 11 years 'By the end of 2010, with an average number of streamers (tool to measure the seismic data, Ed) per vessel increased by 10 to 12 by 2012 ". What, according to the broker, expect "good surprises at the margins.
Morgan Stanley also recently referred to above - 20 to 22 euro - showing that the oil services industry evokes options included about $ 310,000 per day for vessels to be used in the third quarter of 2010. In other words, prices rise by 40% since a ship costs about $ 220,000 the day at acruelle.
On Tuesday, Gilbert Dupont reiterated his advice to "accumulate" CGG Veritas shares, and recommends to hang over the quans profits reach EUR 25.5.

Bourbon sign a big contract in Brazil:
The Bourbon Group, also specialized in oilfield services, announced on Wednesday morning a turnover in line with expectations, fell 1% to 236 million euros.
The group also announced it has won a long-term contract in Brazil, estimated by Natixis to about 100 million euros of turnover split over periods of contracts 3 to 8 years.
This is a contract for 13 new vessels (1 and 7 PSV AHTS type liberty for continental offshore crew boats and 5) that will allow it to "almost double its size in the country by the end of the year, "said the broker.
In the first stock exchanges, securities Bourbon drop 1.45%, to 31.65 euros.