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Global Geophysical Services Announces Framework Agreement With Halliburton

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4/5/2012 6:03 PM ET

Global Geophysical Services Inc. (GGS: Quote) announced that it has signed a framework agreement licensing to Halliburton (HAL: Quote) a substantial portion of GGS's expansive North America seismic data library for use in Halliburton's drilling and completions services activities.

As per the agreement, GGS will be given preference by Halliburton for seismic data acquisition globally in certain applications.

The company noted that the agreement will provide Halliburton with immediate rights to access more than 2 million acres of GGS reservoir grade 3D seismic data, and the option to acquire rights to an additional 2 million acres of reservoir grade 3D seismic GGS data, to enable unrivalled understanding of shale characteristics for both companies' customers.

GGS stated that it will expand its usage of Halliburton's Landmark software for GGS's data processing, analysis, interpretation and earth modeling business. This industry-leading exploration and production software, which includes SeisSpace, DecisionSpace Desktop and OpenWorks software, will provide a next-generation platform for GGS's proprietary consulting applications.

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by RTT Staff Writer

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