ViaLogy to collaborate with CGG in 'win-win' deal

ViaLogy, an oil and gas services provider, has announced a collaboration with CGG, a geosciences company based in France.

The agreement will provide ViaLogy with global sales and services locations, access to CGG customers, assistance in scaling it's QuantumRD technology to large geographical areas, as well as specialised high-tech data processing to prepare seismic datasets for QuantumRD.

The firm will also receive support in the form of CGG personnel, facilities, past project experience, and assistance with tender submissions.

In exchange, CGG will receive unspecified reimbursement for these services, and will be able to monitor and exploit the QuantumRD technology for its own business and technical purposes, and collaborate on an exclusive basis with ViaLogy technologists.

ViaLogy said that ideally, "CGG will process all data for ViaLogy analysis, ensuring the highest data quality, retention of data characteristics important for QuantumRD, and leading to repeat business for both parties".

It stressed that any intellectual property related to QuantumRD will remain ViaLogy's.

"The signing of this agreement is a ground-breaking development for ViaLogy," Robert Dean, Chief Executive Officer of the group, said.

"It gives us the global reach we need to deploy our technology, keep sensitive seismic data in-country where necessary for QuantumRD analysis in non-US locations, and work with the most experienced geophysical staff in the world to develop the technology further in operational settings. It is a win-win for both companies. We hope to benefit CGG by winning QuantumRD commercial contracts that will create new business opportunities for them."

"Our relationship with CGG enables us to bid on large projects for international customers around the world and we will look to expand our highly qualified workforce to cope with what we anticipate will be a large increase in commercial work."

The share price leapt 14% to 1.43p by 08:50 on Monday.

NR