TGS acquires Volant Solutions
11 May 2012OSE
HOUSTON (11 May 2012) - TGS announced today that its Geological Products division purchased all the outstanding shares of Volant Solutions Inc.
Volant is a small, six-employee technology company based in Houston that provides integration solutions for E&P companies to address the challenges of managing ever increasing quantities of geotechnical data. This integration of internal and external data sources with geoscience applications used by the industry enables scientists and engineers to reduce interpretation cycle time and increase efficiency.
"Volant Solutions is adept at helping clients connect many types of well data to multiple geoscience applications", stated John Adamick, Senior Vice President of Geologic Products. "Their EnerConnect™ and ENVOY™ software solutions are unique products that provide tremendous benefits to oil and gas companies. We are excited by the opportunity to help Volant grow their business and to simultaneously increase the connectivity of TGS well data sets."
Scott Schneider, CEO of Volant Solutions also commented, "We look forward to working with TGS to integrate TGS' broad suite of data products with our integration technology in order to provide customers with more efficient access to and usage of TGS data products within their interpretation processes. Volant has developed a robust software solution that facilitates the integration of the leading geoscience databases and applications - the key ingredient that we've been missing is the tight integration with vendor data. With the combination of TGS and Volant, we are now capable of providing geoscientists with complete visibility into a vast array of data products directly from their desktops. Volant is extremely excited about the growth potential of the combined companies."
TGS-NOPEC Geophysical Company (TGS) provides multi-client geoscience data and services to oil and gas Exploration and Production companies around the globe. TGS' geophysical and geological data products include multi-client seismic libraries, permanent reservoir monitoring, magnetic and gravity data, the industry's largest global database of digital well logs and regional interpretive products. TGS also provides high-end depth imaging services to help resolve complex seismic imaging problems.
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data product at costs commensurate with profitability. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.
TGS-NOPEC Geophysical Company ASA is listed on the Oslo Stock Exchange (OSLO:TGS).
John AdamickSenior VP, Geological Products and Services
Tel: +1 713 860 2100
Kristian JohansenChief Executive Officer
Tel: +1 832-667-4795