The technology upgrades, featuring seventy kilometers of I/O's recently introduced MSX Solid(TM) streamer and an advanced DigiCOURSE(R) streamer positioning system, will make the C-Orion one of the most technically advanced 3D and 4D seismic vessels in the world. The initial components of the upgrade are expected to be delivered during the third quarter of 2005. Total value for the entire technology suite is approximately $20 million.
Bjarte Fageraas, CEO of Exploration Resources, commented, "I/O provides innovative technologies that help set ExRe apart from our competitors. With this streamer system, we will be able to offer oil and gas companies a cost- effective solution for acquiring high quality, highly-repeatable seismic data with fewer concerns about operational downtime. The C-Orion has moved into the top echelon of marine streamer vessels, which will allow us to deliver significant value to our shareholders and our customers. I/O has always provided us with outstanding support and maintains a reputation in the industry for standing firmly behind their technologies throughout the entire product lifecycle. The integrated streamer solution offered by I/O is unique in the industry and, besides the technological benefits, gives us a one-stop support function."
Bob Peebler, President and CEO of I/O, stated, "Our strategy is to deliver advanced marine imaging technologies that address the most difficult geophysical challenges worldwide. Outfitting the C-Orion with our latest suite of advanced streamer technologies supports our strategy of bringing innovative solutions to market in partnership with innovative customers. The sale to ExRe will provide I/O with our first opportunity to deploy our advanced marine streamer solution on a single vessel."
Chuck Ledet, Vice President of Marine Imaging Systems at I/O, added, "This upgrade is also exciting for us because the C-Orion will be the first vessel configured to accept I/O's revolutionary DigiFIN(TM) streamer steering system when it becomes available next year. I/O is designing DigiFIN with the ultimate goals of helping seismic contractors improve their productivity and deliver enhanced image quality to the oil and gas companies. We look forward to working closely with ExRe's technical team to deploy this innovative technology."
DigiFIN controls the lateral position of streamer cables, which allows more streamers to be deployed closer together without the risk of entanglement. More densely spaced streamers result in an improved seismic image. DigiFIN also enables shorter line changes when the vessel turns, which dramatically increases productivity for the vessel operator.
The upgrade includes several other cutting-edge I/O technologies. The company's MSX Solid streamer enables low-noise data acquisition and reduces downtime associated with weather, delivering an improved seismic image in less time. The DigiRANGE II(TM) acoustic positioning system includes acoustic cross-bracing along the full length of the streamers. MSX Solid, DigiRANGE II, and DigiFIN are featured components of I/O's Digi4D(TM) streamer imaging solution for high quality, highly repeatable time-lapse seismic data acquisition in the marine environment.
The ExRe upgrade suite also includes energy sources comprising of I/O Sleeve Guns and DigiSHOT(R) digital source controllers. Integrated navigation and binning systems have been supplied by Concept Systems, a wholly-owned subsidiary of I/O. The software provided by Concept Systems acts as a data integration platform, pulling together disparate data streams from the various seismic subsystems to ensure better seismic images with reduced HSE risk and cycle time.
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