Vialogy PLC, April 29, 2013 /PRNewswire/ --
ViaLogy (AIM: VIY) announces today that it has signed a Business and Technical Collaboration Agreement with CGG (NYSE: CGG) (Euronext: CGG: PA) http://www.cgg.com of France, one of the world's largest geosciences companies. It provides ViaLogy with global sales and services locations, access to CGG customers, assistance in scaling ViaLogy's QuantumRD technology to large geographical areas, and specialized high tech data processing to prepare seismic datasets for QuantumRD. Support in the form of CGG personnel, facilities, past project experience, and assistance with tender submissions are also part of the arrangement. In exchange, CGG will receive reimbursement for services, and will be able to monitor and exploit the QuantumRD technology for its own business and technical purposes, and collaborate on an exclusive basis with ViaLogy technologists.
The signing of the agreement comes after several months of consultation between the two companies and the completion of a demonstration exercise for QuantumRD. The ViaLogy and CGG technical teams worked closely together on the project.
Under the terms CGG has agreed to assist in facilitating ViaLogy's business growth and scalability in the oil and gas exploration industry by providing technical advice and introductions to selected worldwide clients. A joint objective will be to deliver high quality analysis results on large development projects, thus mitigating execution risk for customers. Ideally, CGG will process all data for ViaLogy analysis, ensuring the highest data quality, retention of data characteristics important for QuantumRD, and leading to repeat business for both parties.
Ownership of the intellectual property related to QuantumRD will remain the property of ViaLogy. Any joint development products that may arise from the collaboration will also be owned by ViaLogy and can be used under royalty-free licence by CGG.
"The signing of this agreement is a ground-breaking development for ViaLogy, "said Robert W. Dean, CEO of the Pasadena-based company. "It gives us the global reach we need to deploy our technology, keep sensitive seismic data in-country where necessary for QuantumRD analysis in non-US locations, and work with the most experienced geophysical staff in the world to develop the technology further in operational settings. It is a win-win for both companies. We hope to benefit CGG by winning QuantumRD commercial contracts that will create new business opportunities for them."
"Our relationship with CGG enables us to bid on large projects for international customers around the world and we will look to expand our highly qualified workforce to cope with what we anticipate will be a large increase in commercial work."
ViaLogy provides reservoir characterization, geophysical imaging and hydrocarbon sizing services to global oil and gas customers based on proprietary, patented active signal processing technology. ViaLogy's QuantumRD platform assists clients in de-risking prospects over a broad range of subsurface lithologies and complex stratigraphies to generate drilling targets, position offsets and enhance recovery.
ViaLogy's core technology rapidly and accurately detects weak signals buried in high noise background and clutter, and is applicable to active/passive seismic, electromagnetic and magneto telluric data. By exploiting normally disregarded noise variations induced by changes in porosity, fluid presence and permeability across the formation, and adding computer-designed noise to the data, ViaLogy is able to amplify subtle noise variations to enhance areal and depth resolution in complex lithologies that are not achievable through conventional means. For more information on ViaLogy, visit http://www.vialogy.com
CGG (http://www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary business divisions of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation. CGG employs over 9,800 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.
CGG is listed on the Euronext Paris SA (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG).
For further information:
Terry Bond, Chairman - UK & Europe +44(0)1235-834-734
Cantor Fitzgerald Europe (Nominated Advisor and Broker) +44(0)7894-7000
Mark Percy / Catherine Leftley (Corporate Finance)
Katie Ratner (Corporate Broking)
SOURCE ViaLogy PLC