I/O President and CEO Bob Peebler has extended Input/Output’s ‘full wave’ seismic offering (Oil ITJ Vol. 8 N° 12) with the acquisition of UK-based Concept Systems Ltd. (CSL). Concept provides software, systems and services for towed streamer, seabed and land seismic acquisition. Stafford-based I/O paid $36 million in cash and 1.68 million in I/O shares - a total value of approximately $47 million.
Synergies
Peebler said, ‘The synergies between CSL and I/O are compelling. The company is positioned for rapid growth and is an exceptionally strong strategic fit that will help us drive out logistics costs and shorten cycle times in field operations’.
Hay
CSL MD Alistair Hay added, ‘We have made significant investments in imaging from the seabed; 4D life-of-field seismic; and better integration of land acquisition operations through software. By combining I/O’s equipment and technology with Concept’s software and services, we will deliver a high-value added solution that will change the way seismic data is acquired, managed, and processed.’
Navigation
CSL provides integrated planning, navigation and data management solutions to seismic contractors acquiring 2D, 3D, and 4D data. CSL software is installed on the majority of towed streamer vessels worldwide and has rapidly become an integral part of both redeployable and permanent seabed acquisition systems.
Valhall
CSL is a key solutions provider for BP’s Valhall permanent seabed reservoir monitoring project in the North Sea and the company should be well positioned to benefit from rapid growth as 4D, life-of-field seismic projects are increasingly pursued by the major oil companies.
Saudi Aramco
With great timing, CSL announced that Chinese geophysical contractor BGP has bought CSL’s ‘Gator’ navigation solution for deployment on a Saudi Aramco ocean bottom cable (OBC) project. This is CSL’s first Gator sale in China and the company’s first deal with BGP, which is rapidly emerging as a major player in the seismic industry worldwide.
Command & control
Gator integrates vessel positions in real time into a central ‘command and control’ data management system. Gator is used fleet-wide by a majority OBC-capable contractors.
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