Significant Upgrade to Spectrum’s Seismic Imaging Software

Spectrum Geo has expanded their in-house seismic imaging solutions with an agreement to purchase licenses of the Echos™ processing package from Paradigm. Spectrum vetted the Paradigm Echos software based upon industry position as the leading commercial seismic processing system for generating 2D and 3D images of the subsurface. Pre-stack multiple attenuation tools inherent in the Echos solution licensed by Spectrum include 3D surface related multiple attenuation (SRMA) and apex shifted Radon. The software license purchase also includes anisotropic reverse time migration (RTM) to further expand Spectrum’s imaging solution available through Paradigm GeoDepth®.

“Paradigm is delighted to strengthen the existing collaboration with Spectrum in its many operational locations. The Paradigm Echos suite coupled with Spectrum’s deep technical expertise and state-of-the-art processes will ensure an improved turnaround of data processing projects and superior results for the benefit of their global customer base,” said Morris Hasting, Paradigm’s vice president for North America. “Paradigm looks forward to serving Spectrum’s growth and success.”

Spectrum is already committed to Paradigm’s GeoDepth model building and imaging platform. The purchase of the Echos package will standardize the Spectrum DP solution for onboard processing, pre-processing land/marine 2D/3D and data conditioning for proprietary and multi-client GeoDepth projects.

Andy Cuttell, Spectrum’s EVP for Seismic Imaging commented, “Spectrum’s purchase of the Echos software package will both provide high technology solutions and improve our efficiency and turnaround. This will benefit both Spectrum’s Multi-Client library as well as our proprietary Seismic Imaging services.”

The expansion of data processing software resources is part of Spectrums ongoing strategy to become an industry leading supplier of Multi-Client data and Seismic Imaging services. The introduction of Echos will coincide with an expansion of hardware resources. Together the enhanced data processing environment will be crucial to supporting Spectrum’s new position as the second largest world-wide vendor of 2D marine multi-client data.

“This strategic purchase will allow Spectrum to further upgrade its data library through selected reprocessing of the recently acquired 500,000 km of Marine 2D data,” said Spectrum COO, Jan Schoolmeesters. “In addition, numerous new surveys are planned for 2012 that require the efficiency gains and technology solutions provided by the Echos software so we are looking forward to demonstrating the full potential of this latest enhancement.”

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About Spectrum

Spectrum provides innovative Multi-Client seismic surveys and high-quality seismic imaging services to the global oil and gas industry from offices in the UK, USA, China, Egypt, Australia, Indonesia and Singapore.

Spectrum’s Multi-Client strategy focuses on both the major, established hydrocarbon-producing regions of the world as well as key frontier areas identified by our experienced team of geoscientists. The Spectrum library of Multi-Client data has projects from many of the foremost oil producing regions of the world. These include new acquisition, reprocessing and interpretation reports.

All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based on assumptions as to future events that may not prove accurate.