This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

INOVA Completes First Sale And Delivery Of Its G3i™ Seismic Data Acquisition System

Stocks in this article: IO

HOUSTON, March 27, 2012 /PRNewswire/ -- INOVA Geophysical announced the first sale and delivery of G3i, their newly released mega channel recording system. G3i advances the field of land cable-based seismic technology by providing flexible recording capabilities for smaller 2D to ultra-high channel count 3D operations, offering a rugged, single system platform that reduces the amount of field equipment required for optimal field operations. BGP, one of the industry's largest land contractors, with extensive operations worldwide, has purchased this high capacity system for immediate use for a project in Western China.

INOVA collaborates closely with all its customers to develop products that meet the advanced technical requirements and tough field specifications needed to produce consistent, high quality data. BGP participated throughout G3i's development and initial field testing in November 2011. Following High Productivity Vibroseis (HPVS) testing in February, BGP purchased the original 5,000 channels used in the initial field testing and ordered an additional 10,000 in preparation for a large 3D HPVS project scheduled to begin in early April.

Mr. Wang Tiejun, President of BGP stated, "We were very impressed with the results of the G3i field testing.  After witnessing the system's ruggedness and functionality, we believe that this system will offer geophysical crews, like ours, a competitive edge toward more productive and efficient acquisition.  Based on the system's performance, we feel that the G3i system will be a valuable equipment asset for our crews because of its breadth and capabilities to fulfill our high channel count acquisition requirements. Because of the shared success of both field tests, we have committed to an initial purchase of 15,000 channels, which we plan to use for multiple key projects this year."

Steve Bate, President and Chief Executive Officer of INOVA said, "We work closely with our customers to develop our products and rigorously test them, both in the lab and in the field, until we are confident they are ready for commercial usage. G3i's final field tests met our expectations and, more importantly, the expectations of our customer. When BGP selected G3i for immediate use for their project in Western China, we leveraged our manufacturing capabilities in Calgary to produce and deliver the system quickly. I am proud of the 'can-do' spirit of our Calgary manufacturing team and their commitment to meeting BGP's requirements.

"We are committed to developing high-quality products, like G3i, and to being a technology provider who is customer-focused and responsive to our customers' needs," said Bate. "We're pleased BGP selected G3i and believe it offers the industry a versatile, portable and rugged technology choice for conducting a variety of acquisition programs in areas all over the world."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs