BEIJING and HOUSTON, Nov. 11 /PRNewswire-FirstCall/ — BGP, a direct
subsidiary of China National Petroleum Corporation (CNPC), and Input/Output,
Inc. (NYSE: IO) today announced the sale to BGP of an Input/Output
12,000 channel (4,000 station) VectorSeis System Four for land seismic
acquisition. This sale is part of a larger transaction between BGP and
Input/Output (I/O) that includes other I/O technology. This contract marks
the first sale of a TrueDigital(TM) acquisition system anywhere in the world.
Delivery is expected in the first quarter of 2003.
Mr. Xu Wenrong, President of BGP, comments, “We are delighted to acquire
the latest in VectorSeis technology from Input/Output. BGP’s strategy is to
provide the latest imaging technology at a competitive price to exploration
and production companies worldwide, and VectorSeis System Four is an integral
part of that strategy. We will offer our customers the impressive VectorSeis
benefits, including better p-wave data, cost-effective multi-component data
and improved operational efficiency.”
Tim Probert, President and CEO of I/O, states, “This sale to BGP, the
first sale of our recently commercialized VectorSeis System Four to a major
seismic contractor, is a significant milestone in our efforts to bring the
benefits of VectorSeis technology to the E&P market. We are pleased to
provide this technology breakthrough to a rapidly growing contractor such as
VectorSeis all-digital acquisition systems have been proven in more than
35 commercial surveys acquired in the United States, Canada, Eastern Europe
and the CIS. More than 250 million VectorSeis traces have been acquired in a
wide variety of geographic and geologic settings. The wider bandwidth data
sets from VectorSeis technology have yielded higher resolution information not
previously available with legacy data. VectorSeis is the I/O technology
platform for developing next-generation seismic acquisition systems for land,
ocean bottom and in-well environments.
About BGP — BGP (Bureau of Geophysical Prospecting) is a worldwide
geophysical contractor, officially formed in 1973. It is organized and
operated as a geophysical service group under the direction of CNPC. Currently
BGP has fixed assets amounting to US$547 million, and fields 50 state-of-the-
art seismic crews, including 25 working outside China. To support
international business and seismic acquisition, BGP has established
18 offices, seven seismic data processing centers and seven seismic data
interpretation centers worldwide. In addition, BGP operates 17 non-seismic
crews and is the major shareholder of three geophysical manufacturing plants.
BGP is the largest land seismic acquisition contractor in the world.
Additional information on BGP is available at www.bgpcn.com/ .
About Input/Output, Inc. — Input/Output, Inc., is an industry leader in
seismic acquisition imaging technology for land, marine, transition zone
exploration, production and reservoir monitoring. The company specializes in
technology that creates value for the energy industry in the areas of 2D, 3D,
4D and multi-component seismic data. Additional information about VectorSeis
technology is available at www.vectorseis.com/ . Additional information on
Input/Output, Inc. is available at www.i-o.com/ , or via email at firstname.lastname@example.org .
The information included herein contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These forward-looking statements include
statements concerning I/O’s future product plans. Actual results may vary
fundamentally from those described in these forward-looking statements. All
forward-looking statements reflect numerous assumptions and involve a number
of risks and uncertainties. These risks and uncertainties include the timing
and development of I/O’s products and services and market acceptance of I/O’s
new and revised product offerings. Additional risk factors which could affect
actual results are disclosed by I/O from time to time in its filings with the
Securities and Exchange Commission.
SOURCE Input/Output, Inc.; Bureau of Geophysical Prospecting
CONTACT: Joe Jacquot, Director-Marketing of Input-Output, Inc.,
+1-281-933-3339, or email@example.com ; or Li Guoqi, Assistant to the
President of Bureau of Geophysical Prospecting, +86-010-8120-1607, or