Following the award of several key processing projects, Dolphin Geophysical has announced a record external backlog for Processing & Imaging (P&I) and Processing software sales in excess of USD 10 million. This proprietary backlog is in addition to our multi-client processing projects.
It also includes an advanced 3D depth imaging project which marks the entry of Dolphin into the added value 3D PSDM market.
Dolphin says this project is one of several recent examples of winning re-processing projects which are not directly linked to our acquisition projects and illustrates that the expected future growth of our P&I product line is not limited to the growth in the number of our vessels. P&I staff numbers have now grown to approximately 100 geophysicists working both offshore and onshore.
Dolphin’s owned subsidiary Open Geophysical Inc which provides advanced processing software, has also won its first contract worth over USD 1 million to supply software to a National Oil Company.
This contract, which is included in the above backlog, marks our entry into supplying also large Oil Companies with our advanced and user friendly processing software.
“Our Processing and Imaging business is set for rapid growth on the back of a larger fleet, entry to new market segments such as depth imaging and re-processing and increased software sales. To facilitate this growth, our Singapore P&I team have recently moved into a larger office, our UK hub will relocate and expand in Q3 and we also expect our Houston processing centre to be operational in Q4 2014. It is particularly gratifying to see customers, including a Super Major as well as independents, awarding us repeat business based on their satisfaction with completed projects,” said Chief Geophysicist, Dr. Gareth Williams.