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The Falcon technology, used in both petroleum and minerals exploration, was jointly developed by BHP Billiton and Lockheed Martin. It is deployed on aircraft operated by Fugro Airborne Surveys.
BHP Billiton said late last week it would retain exclusive use and priority access to the technology for minerals exploration until March 2010.
BHP Billiton minerals exploration vice president Ian Maxwell said the company anticipated that execution of the sale agreement will be completed by March 2008.
"We have a long and productive relationship with Fugro Airborne Surveys and through this agreement we will continue to use Falcon technology through a world class geophysical service provider," he said.
