HOUSTON, Jul 23, 2002 -- Input/Output, Inc. (NYSE: IO) today announced that it has acquired AXIS Geophysics, Inc., a seismic data service company based in Denver, Colorado. AXIS Geophysics provides specialized data processing and integration services to major and independent exploration and production companies. The AXIS Interpretation-Ready Process(TM) (IRP) integrates seismic and subsurface data to provide customers more accurate and higher quality data that can result in improved reservoir characterization.
Total revenues for AXIS Geophysics for all of 2002 are projected to be approximately $2.9 million. I/O projects that the acquisition will be immediately accretive to earnings. AXIS Geophysics and Green Mountain Geophysics, another I/O company located in the Denver area, will be combined in order to build on the Green Mountain strengths in seismic acquisition planning and to leverage AXIS Geophysics services through the Green Mountain worldwide market presence.
"The acquisition of AXIS Geophysics accelerates our strategy of deploying VectorSeis(R) technology for land, in-well and ocean bottom environments by providing support for our customers, especially those outside North America, who acquire VectorSeis data," said Tim Probert, chief executive officer of I/O. "AXIS Geophysics has consistently proven their ability to process and integrate well data and seismic data, including multi-component seismic, to produce high-quality, interpretation-ready projects that can substantially reduce the risks involved in exploration and field development programs."
"We are delighted to be joining Input/Output," said Roger Haston, CEO of AXIS Geophysics. "Combining our revolutionary IRP Services and AZIM(TM) velocity technology with I/O VectorSeis technology will provide oil companies the opportunity to dramatically reduce their project cycle time for seismic acquisition and interpretation projects. The results will be superior quality seismic data that are immediately ready to interpret."
About Input/Output, Inc. -- Input/Output, Inc. is an industry leader in seismic acquisition imaging technology for land, marine, transition zone and in-well exploration, production and reservoir monitoring. The company specializes in technology that creates value for the energy industry in the areas of 2D, 3D, 4D and multi-component seismic data. Additional information on Input/Output, Inc. is available at www.i-o.com , or via email at ir@I-o.com .
About VectorSeis -- Input/Output's VectorSeis technology utilizes a unique micro-electro-mechanical systems (MEMS) accelerometer to provide superior seismic images through acquisition of multi-component data and, I/O believes, the highest fidelity P-wave data of any existing acquisition system. VectorSeis benefits include direct digital output at the sensor, inherently high vector fidelity, wide seismic bandwidth and significant operational efficiencies in the acquisition of seismic data.
Source: PR Newswire