Sensor Awarded Major Geophone Contract in the Middle East; Largest Geophone Sale in the History of the Seismic Industry
HOUSTON and DHAHRAN, Saudi Arabia, July 17 /PRNewswire-FirstCall/ -- Sensor Nederland b.v., the world's leading provider of geophones and a subsidiary of Input/Output, Inc. (NYSE: IO), announced today that it has been awarded the largest geophone contract in the company's history and, to the best of its knowledge, the largest geophone contract in the history of the seismic industry.
Coil-spring geophones are precision engineered instruments that are used to record reflected acoustic energy during seismic operations conducted for oil & gas exploration. In this case, Sensor has sold 375,000 geophone elements connected in 37,000 land and marsh geophone strings to BGP, the world's largest land seismic acquisition contractor. BGP will use the geophones to acquire seismic data at the Berri Field on behalf of Saudi Aramco, the largest producer of crude oil in the world.
A spokesperson for BGP commented on the contract award, "Sensor geophones are recognized as the industry standard by E&P companies throughout the Middle East. At BGP, we have significant first-hand experience using Sensor products. Their geophones are designed and manufactured to the highest specifications in the industry. They have long in-service lives and ensure that the data we are acquiring are of the highest quality and integrity."
Mike Burrett, Vice President of Sensor, added, "Although we have over 9 million SM-24 geophones in service worldwide, this deal is large even by Sensor standards. In fact, it's about 30% bigger than our previous record sale. We are delighted that the largest land acquisition contractor has selected us for this important project in Saudi Arabia."
The information included herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may vary fundamentally from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include risk factors that are disclosed by I/O from time to time in its filings with the Securities and Exchange Commission.
About Sensor
Sensor Nederland b.v., a subsidiary of I/O, is the world's leading provider of geophones for oil & gas and industrial applications. With an installed base of over 10 million geophones, including the standard-setting SM-24 broadband super-phone, Sensor is the preferred supplier to discriminating contractors and oil & gas companies around the world. Sensor maintains an operations base in Voorschoten, The Netherlands, just outside The Hague, with additional facilities in Jebel Ali, UAE and Norwich, UK.
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 .
