Probe acquire the intellectual property assets of UK-based Offshore Marine Technology

June 11, 2010

FORT WORTH, June 11, 2010 – Probe Holdings, Inc. announced today that it has acquired the intellectual property assets of UK-based Offshore Marine Technology (OMT), adding OMT’s proprietary acoustic solutions to the Probe platform. Prior to the purchase, OMT had been developing novel technical solutions for industrial and oilfield asset assessment for the last 5 years.

 

The Company’s acquisition of these important technology assets to the Probe platform will accelerate the product development cycle of a new range of acoustic based downhole tools. The ingenuity of OMT’s design approach is complemented with Probe’s practical approach to manufacturing downhole modular tool systems for the oil and gas industry. The expanded team of Probe engineers, working together with OMT’s former engineering team, will enable an accelerated route to market for new tools for well integrity assessment and subsurface imaging. The joining of these technology assets to the Probe platform is important to sponsors of the program because:

 

1. Prototype tools can be evaluated by project sponsors earlier than originally planned. Probe has extensive experience in developing downhole tools and will ensure that the prototype tools are fully compatible with standard oilfield service equipment. Probe’s modular approach to electronics design and implementation will mean that the functional reliability of the tools will be at or close to that of commercially available tools right from the start.

 

2. Probe’s distribution network and client base can be used to ensure that the commercial tools are efficiently distributed across the oilfield service sector, ensuring that all service companies have access to the technology.

 

About Probe:
Probe designs, manufactures and services specialized modular downhole tools and systems for the global energy industry. Probe’s unique approach to engineering and product development is based upon three fundamental tenants:

 

Teamwork – Probe mechanical, electrical and design engineers work cooperate to fully understand and define the absolute criteria for success at the outset of a particular project. Desired tool performance criteria and field operational efficiency are primary drivers in setting the specifications for Probe tools. By focusing our requirements early we constrain the design criteria, and stimulate innovation and ingenuity to deliver tools and systems that we know will provide the performance required. Probe mechanical, electrical and design engineers work cooperate to fully understand and define the absolute criteria for success at the outset of a particular project. Based upon both tool performance criteria and operational efficiency, our design specifications are fixed from the outset.

 

Ingenuity- We understand that by fixing the design requirements, we force practical ingenuity into our designs that positively impact both the reliability and operational efficiency of the tools that we make.

 

Modularity – Almost 70% of our tools are constructed from a proprietary set of modular electronic boards and associated control systems. Using state of the art field programmable gate arrays (FPGA’s) together with proven high temperature electronics systems, Probe can efficiently and effectively design and manufacture most tools in approximately 40% of the time more conventional approaches take.

Probe’s tools are used for downhole formation evaluation, well integrity determination and well bore productivity determination across the energy sector. Probe provides sophisticated logging tools to both the oil and gas industry and the geothermal industry where the tools are exposed to some of the harshest known conditions for any electronics. With temperatures in excess of 300 C and pressures of up to 20,000 psi, Probe lives by its reputation for providing tools that work in the most demanding of applications.

 

Probe has developed tools for many industry leaders and has become a valued partner for many service companies.  Probe’s fast development time and focus on reliability using state of the art electronics means that our partners can focus on providing service at the well site,  using Probe tools that are the most reliable and efficient in the industry.

 

The recent joining of OMT’s acoustic technology assets to the Probe platform follows last year’s integration of industry recognized Kuster Company, based in Long Beach, California into the Probe group.

 

Probe’s growing portfolio of modular tools will enable operators and service companies in the oil & gas industry to better understand and deliver productive wells today and into the future.

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