HOUSTON, Nov. 8 - Input/Output, Inc. (NYSE: IO) announced today that it has formed a strategic technology alliance with Transform Software and Services, a Colorado-based provider of innovative full- wave seismic interpretation technologies and services. The technology alliance will focus on solving key reservoir challenges for customers using full-wave seismic data. As part of this agreement, I/O will gain access to Transform software for use in processing and interpretation services. Transform's development of the industry's first 3D full-wave interpretation system will be aided by access to expertise and non-proprietary project data, provided by I/O.
Transform's initial software offering combines modern 3D visualization and integration techniques to streamline the fusion of exploration and production (E&P) data, including full-wave seismic. Outputs from the Transform platform are then used to create 3D geologic models for reservoir simulation.
Bob Peebler, President and CEO of I/O, commented on the technology alliance, "The emerging era of Digital, Full-wave seismic requires geoscientists to fundamentally rethink the technologies they use across the entire seismic workflow, from survey design, through acquisition, and on into processing and interpretation. In order for the E&P industry to capitalize on the value of the full-wave (multicomponent) data being acquired, geoscientists require a new set of data management, processing and interpretation tools. By collaborating with Transform, we are working towards providing a solution to our oil & gas company customers to enable them to seamlessly integrate the full-wave measurement with other E&P data, including well logs and production histories. Our collaboration with Transform is intended to help our customers harness these new measurements and imaging approaches in order to find more oil and gas with less risk."
Murray Roth, President of Transform, added, "To best serve our customers, we believe that alliances with other innovative technology companies like I/O are vital. Digital full-wave seismic has already proven to be a powerful tool for improving reservoir definition. With the momentum I/O has created to increase image quality and improve productivity, we see the economics of full- wave seismic becoming attractive to a wide range of operators. We are convinced that the full use of shear wave data will provide a substantial benefit in understanding the geology of many reservoirs, and will soon lead to a significant improvement in delineating hydrocarbon reserves and their migration over time. This alliance is a key element to realizing that potential and significantly impacting our customers' bottom lines."
Transform's unique multi-dimensional interpretation platform was designed to support the fusion of multi-component seismic data, using a patent-pending approach to visual correlation of different data types. Customers will benefit from greater productivity, through interactive and automated processes, better reservoir understanding and streamlined reservoir modeling and visualization tools.
About I/O
I/O is a leading, technology-focused seismic solutions provider. The company provides cutting-edge seismic acquisition equipment, software, and planning and seismic processing services 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. Additional information is available at http://www.i-o.com .
About Transform
Denver-based Transform Software and Services, Inc. was established in 2004 to provide innovative, reliable and easy-to-use software that empowers geologists, geophysicists, engineers and managers to substantially increase their company's recoverable hydrocarbon reserves in new and existing fields. During 2005, Transform completed its initial venture capital funding from a number of sources, including I/O. By working with software contractors, key academic consortia and a variety of technology providers, Transform's development team is able to rapidly bring new innovations to the E&P market. Transform connects to all major interpretation systems and formats with platform independent software spanning geophysical, geological and engineering workflows. (http://www.transformsw.com )
Contacts: Kelly Smith, Director of Corporate Marketing Communications -
I/O
+1 713 504 6222 or ksmith@i-o.com
Murray Roth, President - Transform
+1 303 638 9800 or murray@transformsw.com
