StatoilHydro Taps Paradigm for E&P Asset Management Software

Paradigm, a leading provider of enterprise software solutions to the global oil and natural gas exploration and production (E&P) industry, announced today that Paradigm and StatoilHydro ASA, Norway's leading integrated technology-based international energy company, have entered into a multi-year agreement to deploy a broad suite of Paradigm's subsurface E&P asset management software applications on a globally accessible basis across StatoilHydro's operations worldwide.

As exploration continues with ever increasing reservoir complexity, and data sets grow larger and larger, StatoilHydro Geoscientists, in every StatoilHydro office globally, will now be able to benefit from access to Paradigm petrophysics, depth conversion, interpretation and processing & imaging technology. This will allow StatoilHydro to easily deploy workflows and knowledge, developed in Norway, throughout all of their international offices around the world.

"StatoilHydro has entered into this agreement based on the long standing history between StatoilHydro and Paradigm, and the high quality of the results we are able to obtain when using Paradigm technology," said Oddvar Vermedal, manager of global IT subsurface services for StatoilHydro. "StatoilHydro places a high degree of value on best-in-class technology, and establishing this global agreement with Paradigm is consistent with our E&P goals."

"Paradigm has had a long and rewarding relationship with both Statoil and Hydro going back many years, so it is particularly exciting to move to the next level of our relationship with the combined company of StatoilHydro," said Richard Jefferies, Paradigm executive vice president of Europe, Africa and the CIS operations. "Both companies have technology at their heart, and place a lot of emphasis on using great science to add bottom line value. As such, we look forward to working with StatoilHydro over the coming years to further this mutually shared vision."

Paradigm President and CEO, John Gibson, reinforced this shared emphasis on technology, by saying "StatoilHydro's technical leadership is well recognized by the industry. Their choice of Paradigm therefore helps us to know that our direction and vision are on target for these challenging times."