Geokinetics, a provider of integrated seismic data acquisition, processing and reservoir analysis solutions, will acquire the intellectual property and legacy assets of Geotrace Technologies, a provider of seismic imaging and reservoir analysis services. The transaction is expected to be finalized in early 2017.
Following the transaction, Geokinetics will have sole ownership of Geotrace’s proprietary technology, source code and intellectual property for more than 375 modules. In addition, Geotrace’s legacy data processing and software licensing contracts worldwide would transfer over to Geokinetics.
“We’ve seen the data processing landscape evolve in the past five years as clients rely more heavily on contractors to help meet their exploration objectives, with a growing demand for reservoir analysis products and services,” said James Bogardus, senior vice president integration and commercial functions, Geokinetics. “This acquisition significantly expands our capabilities to provide clients with a better understanding of the subsurface to guide drilling decisions and reduce risk.”