TGS-Nopec Geophysical Company has concluded its acquisition, for $11.25 million in cash, of the energy division of Houston-based NuTec Sciences. The acquisition provides TGS-Nopec with specialized pre-stack depth imaging technology—to be used to add value to TGS-Nopec’s spec data and to provide imaging services to oil and gas companies.
NuTec has 25 employees and operates what is claimed to be one of the world’s fastest supercomputers. TGS-Nopec will continue NuTec’s third-party seismic processing services and Prima software licensing business which generated an operating profit of $2.5 million from turnover of $10.6 million in 2003.
Included in the deal is NuTec’s Prima seismic processing
and integrated multi-volume visualization tool. The visualization module is
a commercial application that is currently licensed to over 50 oil and gas companies.
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