Bob Peebler, President and CEO of I/O, stated, "This award represents the largest single sale of land acquisition systems and VectorSeis in the history of I/O. As far as we know, it is also the largest single land systems award in the history of the industry. We are delighted that ONGC sees the potential for full-wave seismic imaging and selected us to be their full-wave provider in this highly competitive tender. With this purchase, ONGC will become the largest user of full-wave technology in the world. The ONGC purchase, combined with previous VectorSeis sales to other contractors, now means that I/O has supplied roughly 80% of all the full-wave imaging technology used in land acquisition worldwide. As a company, we are committed to leading the industry's adoption of full-wave solutions and to helping ONGC realize the maximum potential from the technologies included in this contract."
The ONGC contract award is worth in excess of $60 million. Deliveries of the 14 systems will occur during the second and third quarters of 2007.
I/O cable-based land acquisition systems are purpose-built to maximize seismic crew productivity, ensure reliable, error-free recording, and enable high channel count surveys using either full-wave VectorSeis sensors or analog geophones. VectorSeis sensors utilize digital, 3-C MEMS (micro-electro- mechanical systems) accelerometer chips to more accurately sample the true seismic wavefield and deliver broadband, high resolution images of the subsurface.
I/O is a leading, technology-focused seismic solutions provider. The company provides seismic acquisition equipment, software, planning and seismic processing services and data libraries to the global oil and gas industry. I/O's technologies are applied in both land and marine environments, in traditional 2D and 3D surveys, and in rapidly growing areas like time-lapse (4D) reservoir monitoring and full-wave imaging. Headquartered in Houston, Texas, I/O has regional offices in Canada, Latin America, Europe, China, Russia, Africa and the Middle East.
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