6-K

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                                    FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                        REPORT OF FOREIGN PRIVATE ISSUER

                        PURSUANT TO RULE 13a-16 OR 15d-16

                     OF THE SECURITIES EXCHANGE ACT OF 1934


                          For the Month of January 2001

                            PARADIGM GEOPHYSICAL LTD.
                           --------------------------
                 (Translation of Registrant's Name into English)

   Shenkar Street 9, Gav Yam Center No.3, P.O.B. 2061 Herzlia B, Israel 46120
   --------------------------------------------------------------------------
                    (Address of Principal Executive Offices)


Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.

                      Form 20-F....X.... Form 40-F........

Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                             Yes........ No....X....

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-.....................
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      Attached to the Registrant's Form 6-K for the month of January 2001 and
incorporated by reference herein is the Registrant's news release dated January
24, 2001 .
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SIGNATURE

            Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                          PARADIGM GEOPHYSICAL LTD.
                                          (Registrant)



                                          By:   /s/   Jonathan Keller
                                                Jonathan Keller
                                                Company Secretary


Dated:  30 January, 2001

EX-99

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FOR IMMEDIATE RELEASE

                  PARADIGM GEOPHYSICAL ISSUES GUIDANCE FOR 2001

                TARGETS $80 MILLION REVENUES & 40 TO 45 CENTS EPS
              ANNOUNCES NEW ADVANCED TECHNOLOGY GEOSCIENCE SERVICES


NEW YORK, JANUARY 24, 2001: Paradigm Geophysical (NASDAQ:PGEO) today provided
guidance during its quarterly analyst conference call.

For the full text of the guidance issued, please refer to the conference call,
which has been archived on the company's Web site, www.paradigmgeo.com. A
rebroadcast of the teleconference is also available through 11:00 PM EST January
31, 2001 by dialing 888-266-2081 (Domestic) or 703-925-2533 (International),
pass-code: 4896856.

SUMMARY OF GUIDANCE FOR 2001

Management anticipates:

         -        EPS: to range between $0.40 and $0.45, compared to $0.17
                  reported for 2000.

         -        Total revenues: targeted to reach $80 million compared to
                  reported $63 million for 2000.

         -        Service revenue growth: a continuation of company's past
                  annual growth rate of about 50% for this segment

         -        Introduction of significant new advanced technology service
                  offerings


Discussing expected growth in its geoscience services the company Chairman and
CEO Eldad Weiss noted, "We plan to expand our seismic data processing capacity
and also to extend our service offering to reservoir studies. The latter is an
important new recent addition to Paradigm's services: we have already completed
a number of significant studies."

He continued, "These reservoir services are an integral part of Paradigm's total
solutions offering to address the issues facing the industry in improving
recovery from existing fields. The combination of Paradigm's technology and
personnel, both enhanced recently through the Flagship acquisition, permit us to
deliver a unique offering."

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Mr. Weiss also announced significant new advanced technology-based service
offerings. He said, "For seismic data processing services we will, during the
year, offer advanced production-oriented analysis - 4D and 4C, and additional
leading-edge technologies such as full wave 3D prestack depth migration."

He further noted, in reference to areas of future growth, "For both products and
services, we are continuing our search for accretive acquisitions as a strategic
objective to expand the company's offerings to petroleum engineering information
solutions for oil and gas production."

This guidance was issued in the context of assumed stable international oil
prices at reasonable levels, and under the limits of Safe Harbor and the
appropriate considerations of risk factors facing the company.

Safe Harbor statement: Certain statements contained in this press release are
forward-looking in nature. These statements can be identified by the use of
forward-looking terminology such as "'believes," "expects," "may," "will,"
"should," or "anticipates" or the negative thereof or comparable terminology, or
by discussions of strategy. The company's business and operations are subject to
a variety of risks, and uncertainties and other factors. Consequently, actual
results may materially differ from those projected stated by any forward-looking
statements. Such risks, uncertainties and other factors that could cause actual
results to differ from those projected include, but are not limited to, the
following: (1) future capital expenditures by oil and gas companies (2)
fluctuations and absolute levels of international oil prices, (3) the need for
increased Company investment to support product and new services introductions,
(4) the company's ability to raise needed additional capital, (5) rapid
technological changes that could make the company's products less desirable or
obsolete, (6) market acceptance of the Company's products and services, (6)
changes in product sales mix (7) product transitions by the Company and its
competitors, (8) the impact of competitive products and pricing, (9) currency
fluctuations. These as well as other risks and uncertainties, are discussed in
greater detail in the Company's filings with the Securities and Exchange
Commission, including its most recent 20-F filed on June 26, 2000, its 1999
Annual Report and its regular Quarterly Reports. The company makes no commitment
to revise or update any forward-looking statements in order to reflect events or
circumstances after the date any such statement is made.

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ABOUT PARADIGM
Paradigm Geophysical provides information solutions to the leaders of the oil
and gas industry worldwide, offering technical software solutions and
product-driven services to companies involved in the exploration & production of
oil and gas and to oilfield service companies. The company has close to 500
professionals focused the needs of the oil and gas industry, with a global
network of sales, users' support and services with 20 offices in 16 countries,
serving all major oil-and gas-producing provinces in the world.

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

Recent press announcements are available on Paradigm's web site:
www.paradigmgeo.com.

For more information please contact:

PARADIGM GEOPHYSICAL LTD.
Brian Berman
Chief Financial Officer
Phone: +972-9-970-9339
Fax: +972-9-970-9319
Email:  brian@paradigmgeo.com

THE RUTH GROUP
Denise Roche
Phone: +1-646-546-7008
Fax: +1-646-536-7100
Email: droche@theruthgroup.com

CUBITT CONSULTING
Noga Villalon
Phone: +44-20-7367-5100
Fax: +44-20-7367-5150
Email: noga.villalon@cubitt.com

MORGEN WALKE ISRAEL
Maya Huli-Lustig
Phone: +972-3-561-1877
Fax: +972-3-561-1875
Email: maya_h@koteret-pr.co.il