Paradigm Geophysical Acquires GeoScene Product Suite; Enhances the Company's Geological Analysis Solutions

Apr 02, 2001, 01:00 ET from Paradigm Geophysical Limited

    LONDON, April 2 /PRNewswire/ --
 Paradigm Geophysical Limited (Nasdaq:   PGEO) announced today that it has
 acquired the GeoScene(R) product suite and related customer services from
 Oilfield Systems Limited, of Southampton, UK.
     This acquisition is one of several that Paradigm has recently concluded in
 its goal to become the oil and gas industry's leading geoscience solutions
 provider, through the consolidation of best-of-class products into Paradigm's
 integrated data analysis solutions for oil and gas exploration and production.
     Eldad Weiss, Paradigm's Chairman and CEO, stated  "We are very pleased
 with the opportunity to integrate the GeoScene product suite, with its
 development and support team, into Paradigm's global operations.  This
 integration will further strengthen Paradigm's comprehensive offering in
 geological interpretation.  Geological interpretation is a large and growing
 market and is key to the industry's current priority - improving production
 efficiency and recovery rates.  Paradigm's geological interpretation solutions
 analyze the structures of producing fields, provide reservoir characterization
 and identify strategies for reservoir management and production enhancement."
 
     About GeoScene
     This best-of-class product suite provides geological tools for surface,
 fault and zonal correlation, cross section definition, structural model
 building and surface mapping.  The installed base of close to 150 licenses is
 mostly in the North Sea, Middle East and Canada, and includes major oil
 companies and leading independent oil and gas producers.
 
     About Paradigm
     Paradigm Geophysical provides information solutions to the leaders of the
 oil and gas industry worldwide, offering technical software solutions and
 product-driven services to companies involved in the exploration & production
 of oil and gas and to oilfield service companies.  The company has a global
 network of sales, users' support and services with 20 offices in 16 countries,
 serving all major oil-and gas-producing provinces in the world.
     "Paradigm Geophysical"(R) and "GeoScene"(R) are the registered trademarks
 of Paradigm Geophysical Limited.
     Further information on Paradigm, including recent Press Releases and
 financial results is available on the Company's web-site:
 http://www.paradigmgeo.com
 
     Safe Harbor statement: Certain statements contained in this press release
 are forward-looking in nature.  These statements can be identified by the use
 of forward-looking terminology such as "believes," "expects," "may," "will,"
 "should,'' or "anticipates'' or the negative thereof or comparable
 terminology, or by discussions of strategy.  The company's business and
 operations are subject to a variety of risks, and uncertainties and other
 factors. Consequently, actual results may materially differ from those
 projected stated by any forward-looking statements.  Such risks, uncertainties
 and other factors that could cause actual results to differ from those
 projected include, but are not limited to, the following: (1) future capital
 expenditures by oil and gas companies; (2) fluctuations and absolute levels of
 international oil prices; (3) the need for increased Company investment to
 support product and new services introductions; (4) the company's ability to
 raise needed additional capital; (5) rapid technological changes that could
 make the company's products less desirable or obsolete; (6) market acceptance
 of the Company's products and services; (7) changes in product sales mix; (8)
 product transitions by the Company and its competitors; (9) the impact of
 competitive products and pricing; (10) currency fluctuations.  These as well
 as other risks and uncertainties, are discussed in greater detail in the
 Company's filings with the Securities and Exchange Commission, including its
 most recent 20-F filed on June 26, 2000, its 1999 Annual Report and its
 regular Quarterly Reports. The Company makes no commitment to revise or update
 any forward-looking statements in order to reflect events or circumstances
 after the date any such statement is made.
 
 

SOURCE Paradigm Geophysical Limited
    LONDON, April 2 /PRNewswire/ --
 Paradigm Geophysical Limited (Nasdaq:   PGEO) announced today that it has
 acquired the GeoScene(R) product suite and related customer services from
 Oilfield Systems Limited, of Southampton, UK.
     This acquisition is one of several that Paradigm has recently concluded in
 its goal to become the oil and gas industry's leading geoscience solutions
 provider, through the consolidation of best-of-class products into Paradigm's
 integrated data analysis solutions for oil and gas exploration and production.
     Eldad Weiss, Paradigm's Chairman and CEO, stated  "We are very pleased
 with the opportunity to integrate the GeoScene product suite, with its
 development and support team, into Paradigm's global operations.  This
 integration will further strengthen Paradigm's comprehensive offering in
 geological interpretation.  Geological interpretation is a large and growing
 market and is key to the industry's current priority - improving production
 efficiency and recovery rates.  Paradigm's geological interpretation solutions
 analyze the structures of producing fields, provide reservoir characterization
 and identify strategies for reservoir management and production enhancement."
 
     About GeoScene
     This best-of-class product suite provides geological tools for surface,
 fault and zonal correlation, cross section definition, structural model
 building and surface mapping.  The installed base of close to 150 licenses is
 mostly in the North Sea, Middle East and Canada, and includes major oil
 companies and leading independent oil and gas producers.
 
     About Paradigm
     Paradigm Geophysical provides information solutions to the leaders of the
 oil and gas industry worldwide, offering technical software solutions and
 product-driven services to companies involved in the exploration & production
 of oil and gas and to oilfield service companies.  The company has a global
 network of sales, users' support and services with 20 offices in 16 countries,
 serving all major oil-and gas-producing provinces in the world.
     "Paradigm Geophysical"(R) and "GeoScene"(R) are the registered trademarks
 of Paradigm Geophysical Limited.
     Further information on Paradigm, including recent Press Releases and
 financial results is available on the Company's web-site:
 http://www.paradigmgeo.com
 
     Safe Harbor statement: Certain statements contained in this press release
 are forward-looking in nature.  These statements can be identified by the use
 of forward-looking terminology such as "believes," "expects," "may," "will,"
 "should,'' or "anticipates'' or the negative thereof or comparable
 terminology, or by discussions of strategy.  The company's business and
 operations are subject to a variety of risks, and uncertainties and other
 factors. Consequently, actual results may materially differ from those
 projected stated by any forward-looking statements.  Such risks, uncertainties
 and other factors that could cause actual results to differ from those
 projected include, but are not limited to, the following: (1) future capital
 expenditures by oil and gas companies; (2) fluctuations and absolute levels of
 international oil prices; (3) the need for increased Company investment to
 support product and new services introductions; (4) the company's ability to
 raise needed additional capital; (5) rapid technological changes that could
 make the company's products less desirable or obsolete; (6) market acceptance
 of the Company's products and services; (7) changes in product sales mix; (8)
 product transitions by the Company and its competitors; (9) the impact of
 competitive products and pricing; (10) currency fluctuations.  These as well
 as other risks and uncertainties, are discussed in greater detail in the
 Company's filings with the Securities and Exchange Commission, including its
 most recent 20-F filed on June 26, 2000, its 1999 Annual Report and its
 regular Quarterly Reports. The Company makes no commitment to revise or update
 any forward-looking statements in order to reflect events or circumstances
 after the date any such statement is made.
 
 SOURCE  Paradigm Geophysical Limited