Geokinetics Inc. Acquires Green Mountain Geophysics in Bid to Become Technology Integrator
Geokinetics Inc., a Gulf Coast oil and gas exploration and production company, has signed a letter of intent to acquire Green Mountain Geophysics, Inc., a leading provider of 3-D seismic acquisition design software to the petroleum industry. The acquisition, subject to satisfaction of certain conditions, is expected to close on or before January 31, 1996. Green Mountain Geophysics will continue to operate as an independent subsidiary of Geokinetics, with current management and staff, and maintain its offices in Boulder, Colorado, London, Beijing, Moscow, and Houston.
The acquisition marks a significant step for Geokinetics, which aims to become a technology integrator within the petroleum industry. By integrating Green Mountain Geophysics' software business, Geokinetics plans to capitalize on the growing need for information technology among independent oil and gas producers. As the industry shifts toward greater reliance on technology, Geokinetics is poised to provide key products and services to various segments, including the rapidly expanding 3-D seismic acquisition market.
Key Takeaways:
- Geokinetics Inc. has signed a letter of intent to acquire Green Mountain Geophysics, Inc. for an undisclosed terms, pending satisfaction of certain conditions.
- The acquisition is expected to close on or before January 31, 1996.
- Green Mountain Geophysics, a leading provider of 3-D seismic acquisition design software, will continue to operate as an independent subsidiary of Geokinetics.
- The company will maintain its offices in Boulder, Colorado, London, Beijing, Moscow, and Houston.
- Geokinetics aims to become a technology integrator within the petroleum industry by integrating Green Mountain Geophysics' software business.
- The acquisition will enable Geokinetics to provide key products and services to various segments, including the rapidly expanding 3-D seismic acquisition market.
- Green Mountain Geophysics' MESA series software is the leading provider of 3-D seismic acquisition design software to the petroleum industry, with 32 of the 35 largest energy companies in the world as customers.
- Geokinetics' President Jay Haber sees strong potential in developing Green Mountain's core software business and providing the necessary capital and tools to develop and expand its existing product base.
Statistics:
- 32 of the 35 largest energy companies in the world are customers of Green Mountain Geophysics.
- Geokinetics will maintain its Gulf Coast oil and gas exploration and production operations while integrating Green Mountain Geophysics' software business.
- Geokinetics' goal is to apply leading edge information technology to its core business while operating as a profitable independent technology company.
- Green Mountain Geophysics has offices in London, Beijing, Moscow, and Houston, in addition to its Boulder, Colorado, corporate office.
Sources:
- Geokinetics Inc. press release, November 29, 1995
- Green Mountain Geophysics, Inc. website (not cited directly, but referenced in the original text)