Paradigm Geophysical has acquired drilling engineering software developer and service provider Sysdrill Limited. Sysdrill, headquartered in Aberdeen, develops directional well planning and anti-collision software. Paradigm plans to combine its existing interpretation and well-log analysis solutions with Sysdrill’s directional drilling software into ‘sophisticated offerings’ in the key areas of well bore placement, visualization and geological modeling while drilling. The first of these new products is expected to be available by the end of this year.
Established in 1985, Sysdrill’s Microsoft Windows-based software is described as a complete solution for the management of standard and ‘designer’ well plans, surveys, plots and reports. Sysdrill further claims to have developed ‘the world’s foremost well planning and survey management database system.’ The software offers standardized reporting for day to day operational management, and for the analysis of historical data in well design optimization.
Paradigm chairman and CEO, Eldad Weiss said, “We believe that our combination of innovative drilling solutions, high-end visualization and real-time controls will yield significant savings in annual drilling costs. The combined product offerings open up a large new market for Paradigm.” Paradigm financial management expects to see a positive impact from the acquisition on both revenues and profits in 2002, and no negative impact on net income for the balance of 2001.
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