Acceleware Ltd.
TSX VENTURE : AXE

Acceleware Ltd.

April 23, 2015 18:01 ET

Acceleware Announces Significant Agreement for Reverse Time Migration Software With Repsol

CALGARY, ALBERTA--(Marketwired - April 23, 2015) - Acceleware Ltd. (TSX VENTURE:AXE) announced today that it and Repsol have signed an agreement covering the custom development, and maintenance of leading-edge production- ready Reverse Time Migration (RTM) seismic imaging software.

"This is a unique opportunity for Acceleware," said Geoff Clark, chief executive officer of Acceleware. "Both Repsol and Acceleware have a rich history in developing leading edge RTM technology. We are very pleased that Repsol selected Acceleware for the development of custom geophysical software."

The development will cover a wide range of RTM and other seismic imaging tools and hardware platforms. It will have isotropic and anisotropic TTI capability and will support NVIDIA Tesla K10 and K80 GPUs, as well as Intel Xeon multi-core CPU clusters.

The agreement is expected to be worth US$2.1 million to Acceleware, of which US$1.3 million is expected to be payable in the first year, with the rest payable over a three year maintenance period.

About Repsol

Repsol, one of the world's leading integrated energy companies, is engaged in exploration & production, refining, marketing and R&D in more than 50 countries. The company has 23,000 employees worldwide, with its global headquarters in Madrid, Spain. Repsol is committed to supplying the world's energy responsibly through the development of smart energy solutions.

About Acceleware

Acceleware (www.acceleware.com) develops high performance seismic imaging and modeling software products and provides innovative technology for radio frequency (RF) heating, an emerging thermal enhanced oil recovery method. As experts in programming for multi-core CPUs and massively parallel GPUs, Acceleware's professional services team specializes in accelerating computationally intense applications for clients to speed up product design, analyze data and help make better business decisions. Acceleware's products and services are used by some of the world's largest energy and engineering companies.

Acceleware is a public company on Canada's TSX Venture Exchange under the trading symbol AXE. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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