FEI and GEOLOG Enter Into Joint Development Program
GEOLOG Will Conduct Field Tests of the QEMSCAN WellSite System for Mud Logging Services
HILLSBORO, Ore. and MILAN, Italy, Nov. 2, 2011 (GLOBE NEWSWIRE) -- The Natural Resources Business Unit of FEI Company (Nasdaq:FEIC) and GEOLOG International BV ("GEOLOG") have entered into a joint development program ("JDP") to conduct field tests of the QEMSCAN® WellSite™ analysis solution. GEOLOG, an independent oil field services company, provides advanced surface logging capabilities used by drilling companies to minimize the drilling time and cost of oil and gas wells. GEOLOG will use the QEMSCAN WellSite solution to enhance its surface logging services with automated rock and mineral analysis that is faster, more accurate and detailed than traditional
"We built GEOLOG as the leading independent surface logging service provider around our ability to deploy advanced technologies to provide high-quality services at very challenging sites and under highly demanding conditions," commented Richard Calleri, vice president of GEOLOG. "We invest heavily in our own proprietary research and development, but we are also continuously looking at outside sources for new technology. This JDP with FEI, will allow us to supply additional crucial information to our customers to enable them to maximize the value of their wells, reduce drilling costs and effectively support their decisions in exploration and development activities."
Paul Scagnetti, vice president and general manager of FEI's Natural Resources Business Unit, added, "Early in our own development process we made the strategic decision to work through industry leaders like GEOLOG to ensure that the QEMSCAN WellSite analysis solution meets the needs of their oil and gas customers. We have already concluded several successful field tests in challenging geographic and geologic environments, such as the highlands of Papua New Guinea and on an off-shore oil rig in the Arabian Gulf. We believe that we will achieve similar success in this development project with GEOLOG."
Oil companies need to continuously improve subsurface characterization through the analysis of cuttings brought to the surface by drilling fluid (mud logging). The QEMSCAN WellSite analysis system uses automated imaging and spectroscopy technologies to quickly identify each mineral phase in cuttings and to evaluate other important petrophysical properties. Greater analytical accuracy (even at low concentrations), integrated description of rock properties and automation are key strengths of the QEMSCAN system.
The system was specifically designed to operate in the demanding environment of a drilling rig, allowing it to provide critical information where and when it is needed most. It requires modest training and is readily integrated into the mud logging unit.
For more information, please go to http://www.fei-natural-resources.com or visit FEI at the Society of Petroleum Engineers' Annual Technical Conference and Exhibition, October 30-November 2, 2011, booth 2622.
FEI Company (Nasdaq:FEIC) is a leading supplier of scientific instruments for nanoscale applications across many industries: materials science, life sciences, semiconductors, data storage, natural resources and more. With more than 60 years of technological innovation and leadership, FEI has set the performance standard in transmission electron microscopes (TEM), scanning electron microscopes (SEM) and DualBeams™, which combine a SEM with a focused ion beam (FIB). Headquartered in Hillsboro, Ore., USA, FEI has over 2,000 employees and sales and service operations in more than 50 countries around the world. More information can be found at: www.fei-natural-resources.com.
The FEI Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6379
GEOLOG International BV ("GEOLOG") is the leading independent surface logging service provider to the oil and gas industry. GEOLOG's leadership in advanced technologies for drilling optimization and formation evaluation is the result of 30 years of field experience and continued active R&D in co-operation with clients. GEOLOG's advanced surface logging services and technology coupled with highly qualified and experienced personnel, permits clients to improve drilling efficiency and reduce unproductive time, saving costs and improving rig safety. From its administrative headquarters in Amsterdam (The Netherlands) and its production and R&D facilities in Milan (
Italy), GEOLOG operates in over 35 countries with a combined staff of over 1,000. More information can be found at: www.geologinternational.com.
FEI Safe Harbor Statement
This news release contains forward-looking statements that include statements regarding the performance capabilities and benefits of the QEMSCAN® WellSite™ solution. Factors that could affect these forward-looking statements include but are not limited to failure of customers to adopt the new technology being offered, the failure of the product or technology to perform as expected and achieve anticipated results, unexpected technology problems and our ability to procure, ship and deliver the tools or software as expected. Please also refer to our Form 10-K, Forms 10-Q, Forms 8-K and other filings with the U.S. Securities and Exchange Commission for additional information on these factors and other factors that could cause actual results to differ materially from the forward-looking statements. FEI assumes no duty to update forward-looking statements.
CONTACT: Sandy Fewkes (media contact)
MindWrite Communications, Inc
+1 408 224 4024
Fletcher Chamberlin (investors and analysts)
+1 503 726 7710
GEOLOG International BV
+31 20 3420 622
Source: FEI Company
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