USSI Awarded Major ContractJuly 6, 2011
A leading oilfield services company has retained the sensor company to develop a large-scale, seismic system, based on fiber-optic technology, to provide real-time information to improve reservoir-stimulation yields.
CHATSWORTH, CA /PRNewswire/ -- US Seismic Systems Inc. (USSI), a subsidiary company of Acorn Energy Inc., announced that it has been awarded an order to develop a large-scale seismic system, based on its "revolutionary fiber-optic sensor technology" for a major oilfield services company. The economic value of this order, once in production, is over $10M annually.
Jim Andersen, CEO of USSI said, "The award of this order helps to validate that USSI is rapidly becoming recognized as a leader in fiber-optic seismic monitoring within the oil and gas industry. We believe we are the first company to provide a cost-effective fiber-optic solution, and to top it off, our systems are more reliable, with substantially better performance. These collaborations allow us to couple our world-class fiber-optics expertise with the critical field experience of top-tier service companies to mature our commercial development efforts."
John Moore, CEO of Acorn Energy stated, "Jim and his team at US Seismic are delivering the enabling sensor technology for the 4D seismic revolution. The 4th dimension in 4D seismic is time. US Seismic has developed sensors that for the first time can be permanently embedded in reservoirs and provide crucial real-time information to enable geologists to improve the yields from reservoir stimulation."
According to the WorldWatch Institute, 75% of global oil reserve additions came not from new discoveries but from revisions and extensions of known accumulations. The energy companies using reservoir stimulation need more seismic data to continue expanding reserves ahead of growing demand.
To accommodate the increase in development and production requirements the company has moved into a new 21,000 sq. ft. manufacturing facility in Chatsworth, CA, and is expanding its staff.
US Seismic is holding an investor day on July 12, 2011, from 11 a.m. to 5 p.m. at its new facility in Chatsworth, CA. Please contact Shae Begolly at 302-656-1707 to register.
US Seismic Systems Inc. (USSI), formerly US Sensor Systems Inc., designs, integrates, manufactures, and sells fiber-optic sensing systems and solutions for the energy and defense markets. USSI uses all-optical-fiber sensing technology for its state-of-the-art sensors. USSI's proprietary optical fiber and electronics combine to form the sensor system. It is designed to replace the legacy electronic-based sensor systems at a lower cost and with improved performance and reliability. USSI's new fiber-optic geophone was recently awarded the coveted 2010 Oil & Gas Industry Innovation of the Year Award by Frost & Sullivan, a world leader in technology, market, customer, and economic research.
About Acorn Energy
Acorn Energy Inc. is a holding company focused on technology-driven solutions for energy infrastructure asset management. The four businesses in which it has controlling interests improve the world's energy infrastructure by making it cleaner and less expensive to operate air pollution systems for coal- and gas-fired power plants (CoaLogix), more secure by providing security solutions for underwater energy infrastructure (DSIT), more reliable by providing condition-monitoring instruments for critical assets on the electric grid (GridSense), and more productive and efficient by increasing oil and gas production while lowering costs through use of ultra-high-sensitive seismic tools for more precise pinpointing of oil and gas reservoirs (USSI).
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