HOUSTON – (September 15, 1998) – Input/Output, Inc. (NYSE: IO) and Veritas DGC, Inc. (NYSE and TSE: VTS) announced today that they have reached a milestone as a result of their working relationship to test a new technology developed by Input/Output.
Successful field tests have demonstrated the operational viability of telepresence, which enables seismic crews to control seismic data acquisition activity from remote locations. Telepresence is an add-on module of Input/Output’s new System 2000 central electronics unit, which the company introduced this week. The telepresence module was developed in conjunction with Veritas to meet requirements of its Millenium Two project.
The Millennium Two project is a Veritas plan to track all aspects of seismic field operation from one remote location. The telepresence module of I/O System 2000 allows data to be transmitted via satellite and high-speed ISDN telephone lines from the recording unit in the field to a remote central command center.
“We are in the very early stages of field testing this new technology,” explained Craig Rothwell, president of Veritas DGC Land. “We are working with Input/Output toward our long-term vision of being able to manage worldwide seismic operations from a remote central command center. This will greatly improve operating efficiencies, shorten turnaround times, significantly reduce operating costs and provide more accurate project information that is instantly accessible to select parties in real-time.”
“The telepresence feature of System 2000 demonstrates our commitment to research and development to provide our customers with total system solutions,” said W.J. “Zeke” Zeringue, Input/Output chairman and chief executive officer. “We are committed to addressing our customers’ needs to reduce personnel in the field.”
A demonstration of the joint project is being featured at the annual meeting of the Society of Exploration Geophysicists in New Orleans, September 14 – 17. At the convention, Input/Output will display a live satellite feed of data, voice and video from a Veritas seismic crew working approximately 600 miles away in south Texas.
Input/Output is a world leader in seismic acquisition technology for land and marine exploration.
Veritas DGC is a leading provider of land, transition zone and marine-based seismic data acquisition, seismic data processing, and multi-client data sales to the petroleum industry. Veritas DGC operates seven divisions in selected markets worldwide and, based on revenue, is the fifth-largest geophysical services provider.
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This press release contains forward-looking information, including statements relating to the company’s performance for its current fiscal year, that is subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Some of the factors which could affect actual results are described the companies’ filings with the Securities and Exchange Commission.