IHS Acquires Exploration Data Services Assets
EDS provides geological data on the strategically important Gulf of Mexico
ENGLEWOOD, Colo. (Oct. 11, 2007) -- IHS Inc. (NYSE: IHS), a leading global provider of critical technical information, decision-support tools and strategic services, today announced the acquisition of the assets of Exploration Data Services of the Gulf Coast (EDS) and its subsidiary, Geodigit LLC, which collectively maintain and market extensive geological data covering the subsurface Gulf of Mexico. The acquired assets include EDS’ catalog of interpreted formation tops on more than 25,000 offshore wells, www.EDSMaps.com, and Geodigit’s MMS offshore well data, base maps and other well header data. Terms of the purchase are $6.25 million in cash.
The purchase is a continuation of the IHS strategy to acquire assets that give the company extended subsurface coverage of virtually all major oil and gas basins in North America. EDS, which focuses solely on basins in the Gulf of Mexico state and federal waters, is highly complementary to the existing IHS databases of well, production, pressure and log data used by exploration teams for regional reconnaissance, detailed prospect studies and drilling plans. It is also a notable complement to the tops acquisitions IHS made earlier in 2007 of Geological Data Services and Geological Consulting Services.
“EDS is highly valued because of its consistent correlation methodology and the experienced geological team that create its interpretive data sets. As our customers drive to deeper targets in the Gulf of Mexico, having this data on demand allows faster and deeper analysis of every potential producing zone in those plays,” said Ron Mobed, president and chief operating officer of the energy segment of IHS. “With this series of tops acquisitions, IHS has significantly extended our ‘one-stop shop’ concept for our customers who need critical data and insights, both above and below the ground, across North America.”
Dan Hayes, Geologist/Partner, EDS, said: “Combining EDS geological expertise with IHS leadership in data and technology is powerful. It is a natural fit and we’re looking forward to being a part of IHS where the focus is on quality.”
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About IHS (www.ihs.com)
IHS (NYSE: IHS) is a leading provider of critical technical information, decision-support tools and strategic services to customers around the world. Our data and services are used in a broad number of industries, including energy, defense, aerospace, construction, electronics, and automotive. IHS translates the value of our global information, expertise and knowledge to enable customer success and create customer delight on a daily basis. Ranging from governments and large multinational corporations to smaller companies and technical professionals in more than 180 countries, customers rely on our offerings to facilitate decision making, support key processes and improve productivity. IHS has been in business for nearly 50 years and employs more than 3,000 people in 35 locations around the world.
About EDS (www.EDSMaps.com)
Founded in 1990 in Livingston, Texas, Exploration Data Services has created its tops database by analyzing more than 25,000 wells with a maximum of 12 tops per well. Its GIS application, www.EDSMaps.com, allows access to continuously updated information and has layer control to enable correlation to other data sets. It also allows customers to access and print their own maps.
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