Core Lab's Reservoir Technology Division has many years of experience and market leadership in both land and marine time and depth processing throughout the United States, Canada and Mexico. Paradigm will immediately gain strong synergies in its service capabilities from the transaction, which will complement its extensive integrated product portfolio of processing, imaging and reservoir characterization software. The combined suite of services and products assures Paradigm's transformation into a global geoscience force, uniquely focused on the delivery of geoscience knowledge.
David M. Demshur, CEO and President of Core Lab, said, "Core Lab selected Paradigm as the new owner of its Reservoir Technologies Division because Paradigm, through its ongoing commitment to the seismic data analysis business, can provide the Division's customers and employees with the technological infrastructure and business focus enabling to continue to deliver its products of excellence."
Saul Fox, Chief Executive of Fox Paine, said, "We're pleased to support Paradigm in this transaction. We worked with the management teams of Paradigm and Core Labs to conclude this strategic acquisition within an aggressive timetable, and we are very excited about the significant opportunities now open for Paradigm."
Eldad Weiss, CEO of the Paradigm Group, added, "The acquisition of Core Lab's Reservoir Technologies Division demonstrates our commitment to setting a new standard for the highest quality service and deliverables to our clients in the E&P industry. We are confident the combined experience, relationships, compute power and technical expertise of the Paradigm and RTD services groups will make us the provider of choice for subsurface and reservoir imaging solutions. Our products and technologies are complementary, with the result that the ultimate beneficiaries of this transaction will be the customers of both companies."
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