Speaking at Paradigm Geophysical’s second quarter 2001 conference call, president Eldad Weiss announced ‘encouraging’ results which were in line with previous earnings guidance. Revenue was $18.5 million for the quarter, up 31% on the same quarter last year and earnings per share doubled.
A new software product PG2 is in the final stages of release. PG2 will cover a broad spectrum of geological and geophysical workflow and will offer ‘next generation’ integration of the whole gamut of Paradigm’s software, from seismic processing through to reservoir imaging and interpretation.
PG2 will enable Paradigm’s customers to perform continuous integrated studies, and to work on very large data sets of 3D and 4D data. This latest release represents the outcome of two years of R&D resulting in a ‘unified reservoir analysis system.’
PG2 is currently in beta test within Paradigm and at selected client locations. PG2 will be rolled at the 2001 Society of Exploration Geophysics conference in San Antonio next September.
Paradigm sees PG2 as a vehicle for significant revenue growth. While some components of PG2 will replace the previous generation tools and will be included as part of Paradigm’s annual maintenance, the major new components, notably the new Reservoir Navigator will be at extra cost.
Weiss estimated that the new components of PG2 would be priced in the $50-100,000 range, offering a significant new revenue stream for Paradigm.
On page 3 of this issue Eldad Weiss talks to PDM about the new software environment, and describes how the new CORBA-based infrastructure is supporting Paradigm’s next-generation tools for reservoir visualization management.
Weiss explains how technology acquired from CGG is offering robust tools for working with the very large data volumes associated with reservoir studies.
© Oil IT Journal - all rights reserved.