HOUSTON–(BUSINESS WIRE)–March 31, 2003–Input/Output Inc.
(NYSE:IO) today announced that Robert P. Peebler has been appointed
the Company’s president and chief executive officer effective March
31, 2003. Peebler has been a director of I/O since 1999.
Peebler is leaving his positions as president and chief executive
officer of Energy Virtual Partners Inc. (“EVP”) which he founded in
April 2001. Peebler will also become chairman of EVP. EVP provides
asset management services to large oil and gas companies to enhance
the value of their oil and gas properties.
In addition, I/O announced that it will invest $3.0 million in
Series B Preferred securities of Energy Virtual Partners. After
consummation of this investment, I/O will own approximately 22% of the
outstanding ownership interests of EVP and 11% of the outstanding
voting interests of EVP. The closing of the investment, which is
subject to customary closing conditions, is scheduled to occur in
Peebler has had a 30-year career in the oil and gas industry. He
began as a field engineer and spent sixteen years with Schlumberger,
where he held technical, marketing and management positions, including
five years as vice president of North America Wireline Operations, and
two years as global vice president of Strategic Marketing for Oil
Field Services. He joined Landmark Graphics as vice president of
Marketing in 1989, and was appointed chief executive Officer in 1992.
Peebler continued as CEO for two years after Halliburton acquired
Landmark in 1996, and later became Halliburton’s VP of e-Business and
New Ventures. He left Halliburton to launch EVP in 2001.
According to James M. Lapeyre, Jr., chairman of I/O’s board of
directors, “Bob has a proven history for recognizing and
commercializing new technology in the exploration and production
industry. In addition to its investment potential, our affiliation
with EVP provides a vehicle for us to accelerate acceptance of
VectorSeis(R) by demonstrating its value in exploitation and reservoir
Peebler responds, “I/O has long held a reputation as an innovator
in seismic technology. I look forward to continuing that tradition
through the commercialization of VectorSeis which provides lower cost
and higher quality digital multicomponent and 4D data on land, on the
ocean bottom and in new and existing wells.”
Input/Output Inc. is a major provider of 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 on
Input/Output, Inc. is available on the Internet at www.i-o.com, or
contact us at email@example.com.
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, including
expectations regarding the closing of I/O’s investment in Energy
Virtual Partners. 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 successful
negotiation of the final terms of the investment and satisfaction of
customary closing conditions. 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.
Input/Output Inc., Houston
Brad Eastman, 281/933-3339
SOURCE: Input/Output Inc.