Unedited news and product information from vendors.
US Seismic Systems Introduces New Fiber Optic Ocean Bottom Cable Solution for 4D Marine Seismic
Sep 16, 2011 (01:09 PM EDT)
Product to Make Debut at the Annual Exposition of the Society of Exploration Geophysicists
CHATSWORTH, Calif., Sept. 16, 2011 /PRNewswire/ -- US Seismic Systems Inc. (USSI) , a subsidiary company of Acorn Energy, Inc. (NADSAQ: ACFN) is expanding its offering of Ultra High Sensitivity (UHS) fiber optic sensors to include Ocean Bottom Cables (OBC) which are a critical component for the rapidly emerging market for Permanent Reservoir Monitoring (PRM). USSI will exhibit its new product at the Annual Meeting of the Society of Exploration Geophysicists in San Antonio, Texas from September 18-23rd.
Jim Andersen, CEO of US Seismic stated, "As oil production from existing offshore fields continues to decline over the next decade, offshore oil operators must aggressively expand their investments in Enhanced Oil Recovery (EOR) techniques to stem the decline. The introduction of our new product can dramatically reduce the costs associated with PRM, making it a very cost effective alternative to repeated 3D seismic streamer surveys on the same reservoir. We believe our new product can drive the industry toward permanently-installed seabed cables for 4D seismic data acquisition."
The 4D seismic market, of which Permanent Reservoir Monitoring is an integral and increasing part, was estimated to be over $1 Billion in 2010 with the majority of the data being acquired by towed streamers (source: ODS PetroData). Expectations are for the Marine 4D market to exceed $2 Billion annually within the next several years. Currently, several major companies are supplying electronic sensors but many industry experts believe that a new technology is needed to spur widespread adoption of PRM. Fiber optic systems like USSI's solution are expected to lead this revolution because of their improved performance, higher reliability and lower cost.
John Moore, CEO of Acorn Energy stated, "Jim and his team have progressively developed and commercialized USSI technology from defense, oilfield down hole reservoir stimulation and security applications to the 4D marine seismic solution announced today. Given the continued successful evolution of applications for the technology, we are investing aggressively to speed their products to market."
About US Seismic Systems, Inc.
About Acorn Energy, Inc.
Safe Harbor Statement
SOURCE Acorn Energy, Inc.