Paradigm
acquires Reservoir Technologies Division of Core Lab
Posted: 22 April 2004
Paradigm reinforces its presence as a leading service provider
to the oil and gas E&P industry
Paradigm, the premier global provider of advanced petroleum geoscience
and drilling technologies to the oil and gas exploration and production
industry, announced today that it has acquired the assets of the
Reservoir Technologies Division (“RTD”) of Core Laboratories
N.V. (NYSE: “CLB”). RTD is a leading provider of seismic
data processing and depth imaging services to the E&P industry.
The acquisition, together with Paradigm’s long-term investment
in geoscience technology, further establishes Paradigm’s Services
Division’s position as one of the world’s premier competitors
in geophysical services.
Core Lab’s Reservoir Technology Division has many years of
experience and market leadership in both land and marine time and
depth processing throughout the United States, Canada and Mexico.
Paradigm will immediately gain strong synergies in its service capabilities
from the transaction, which will complement its extensive integrated
product portfolio of processing, imaging and reservoir characterization
software. The combined suite of services and products assures Paradigm’s
transformation into a global geoscience force, uniquely focused
on the delivery of geoscience knowledge.
David M. Demshur, CEO and President of Core Lab, said, “Core
Lab selected Paradigm as the new owner of its Reservoir Technologies
Division because Paradigm, through its ongoing commitment to the
seismic data analysis business, can provide the Division’s
customers and employees with the technological infrastructure and
business focus enabling to continue to deliver its products of excellence.”
Saul Fox, Chief Executive of Fox Paine, said, “We’re
pleased to support Paradigm in this transaction. We worked with
the management teams of Paradigm and Core Labs to conclude this
strategic acquisition within an aggressive timetable, and we are
very excited about the significant opportunities now open for Paradigm.”
Eldad Weiss, CEO of the Paradigm Group, added, “The acquisition
of Core Lab’s Reservoir Technologies Division demonstrates
our commitment to setting a new standard for the highest quality
service and deliverables to our clients in the E&P industry.
We are confident the combined experience, relationships, compute
power and technical expertise of the Paradigm and RTD services groups
will make us the provider of choice for subsurface and reservoir
imaging solutions. Our products and technologies are complementary,
with the result that the ultimate beneficiaries of this transaction
will be the customers of both companies.”
About Paradigm
Paradigm provides and integrates multi-disciplinary, sophisticated
information solutions to the leaders of the oil and gas industry
worldwide.
The company has a global network of sales, service and user support,
with 22 offices in 19 countries, serving all major oil and gas producing
provinces in the world.
Paradigm's advanced set of software solutions and integrated services,
in the form of trace-to-target workflows, covers every step in the
oil and gas E&P process: from data processing and imaging, through
advanced visualization, interpretation and earth modeling; from
reservoir characterization and petrophysics to well planning and
Drilling.
All of these solutions are supported by the epos data management
and interoperability integration framework.
For more information see http://www.paradigmgeo.com
About Fox Paine
Fox Paine and Company, LLC, manages investment funds in excess of
$1.5 billion, providing equity capital for corporate acquisitions,
company expansion and growth programs and management buyouts.
The Fox Paine funds are managed on behalf of over 50 leading international
financial institutions, including major governmental and corporate
pension systems, Fortune 100 companies, major life and property
& casualty insurance and reinsurance companies, money center
and super regional commercial banks, investment banking firms, and
university endowments.
Fox Paine was founded in 1997 by Saul A. Fox, a former general
partner of Kohlberg Kravis Roberts & Co., and W. Dexter Paine,
III, a former general partner of Kohlberg & Co.
For more information see http://www.foxpaine.com
Posted by Richard Price,
Editor Pipeline Magazine
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