Local company the first to offer seismic data processing east of Alberta

A locally incorporated company is expanding its operations to provide seismic data processing services previously unavailable east of Alberta.

Beaton Tulk, Minister of Development and Rural Renewal, said that until now, extensive amounts of seismic data collected from offshore oil surveys off Eastern Canada each year had to be sent to Calgary for processing.

"Now, with the help of assistance being provided under two new programs of my department to stimulate business growth, Shearwater Geophysical Corporation will be in a position to provide that very specialized service right here in Newfoundland and Labrador. This is another step in the development of our export markets and will help develop another component of our expanding petroleum industry," Mr. Tulk said.

Shearwater Geophysical Corporation, located in St. John�s, is receiving $19,184 under the Small Business Seed Capital Equity Program, and $25,000 under the Small Business and Market Development Program. Under each program, matching funds must be provided by the business receiving assistance. Both programs were developed as a result of public consultations held by the Cabinet Committee on Jobs and Growth.

Shearwater, owned by Dr. Chris Pike, was incorporated in 1991 as a geophysical consulting firm. It expanded its services in 1997 to include fibre optic cable route surveys. Over the past year, the company provided seismic data processing services for the offshore oil industry on a trial basis.

With the move from trial basis to full commercial operation, Shearwater will provide a specialized service that was previously done exclusively in Calgary. Extensive amounts of seismic data are collected from offshore surveys off Eastern Canada each year and sent to Calgary for processing. The combined sales for 2D seismic processing services for East Coast data in 1998 and 1999 was more than $4 million.

"With Shearwater now in a position to provide the service here, some of the benefits that were going outside the province for that service will now stay in the province to benefit our own economy," Mr. Tulk said. Already, Shearwater has signed a memorandum of understanding with Furgo Jacques GeoSurveys, a large oil and gas surveying company, to process all of that company�s well site data.

Funding being provided under Department of Development and Rural Renewal programs will assist with the purchase of equipment required to expand the business, as well as acquire the expertise necessary to set up and establish the new processing system.

At least three full time positions for individuals with geophysics-related training will be created.

Media contact:

Josephine Cheeseman, Communications, (709) 729-4570 or 687-3353 
Dr. Chris Pike, President, Shearwater Geophysical Corporation (709) 754-1001.

2000 08 31 4:00 p.m