Paradigm Geophysical Wins $10 Million Competitive Bid

Business Wire, March 30, 1999

HERZLIA, Israel--(BUSINESS WIRE)--March 30, 1999--Paradigm Geophysical Ltd. (NASDAQ: PGEOF) today announced that it has recently been awarded a competitive tender valued at approximately $10 million by a major Asia Pacific state-owned oil and gas company. Under the terms of the contract, Paradigm will provide a turnkey Data Processing center for Seismic Data Processing and Interpretation, as well as post-installation services, including staff training, workflows and technology transfer consultancy, maintenance and support.

The center will be standardized on Paradigm's software platforms for seismic data processing, inversion and interpretation. The company's goal in making this large investment is to establish a center of excellence in seismic data analysis for the oil and gas industry. Paradigm's recently introduced complete solutions - Echos(TM) and Ergos(TM) -- were benchmarked and selected competitively by the company as the cornerstone of this effort.

"Our new integrated software solutions were evaluated against the strongest and best-known industry competition," noted Paradigm's President and CEO, Eldad Weiss, "and this stringent evaluation showed the clear technical and productivity advantages of our solutions over those of our competitors."

David Cox, Paradigm's Manager for the Asia Pacific Region, added, "We are pleased to be partners with this major state-owned oil and gas company in their move to leading edge solutions and look forward to helping them achieve their center-of-excellence goal."

On January 27, 1999 Paradigm announced record results for 1998 with revenues of $45.5 million, and net profits of $4.5 million.

Paradigm Geophysical Ltd. develops, markets and supports seismic data analysis software solutions and provides seismic data processing and interpretation services to companies engaged in oil and natural gas exploration and production. Paradigm Geophysical serves this industry with offices and geophysical data analysis service centers in the United States, the United Kingdom, Canada, China, Australia, Indonesia, Argentina, Venezuela, and Russia.

Paradigm on the web: www.paradigmgeo.com

"Paradigm Geophysical(R)" is the registered trademark of Paradigm Geophysical Ltd.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Statements in this release which are not historical facts are forward-looking and involve risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, increased investment to support product introductions, market acceptance of products, product transitions by the company and its competitors, currency fluctuations, changes in product sales mix, and other risks described in the company's registration statement and other Securities and Exchange Commission filings.