NEOS Acquires Denver Land Processing Business from ION
August 17 2015 - 6:30AM
Business Wire
Expands NEOS’s Multi-Physics Toolkit to Include
Seismic Imaging
NEOS GeoSolutions, Inc. and ION Geophysical Corporation
(NYSE:IO) today announced that NEOS has acquired – for cash and
other consideration – ION’s Denver land seismic data processing
operation. The addition of this business line expands NEOS’s
multi-physics service lines to now include seismic data processing
and imaging. The rest of ION’s data processing business, including
ION’s land data processing capabilities in support of its 3D
ResSCANTM land programs, is unaffected by this transaction.
ION’s Denver processing group has completed nearly 400
subsurface imaging projects since 2003 for customers that include
some of the largest international and independent E&P companies
in the world. The Denver team specializes in ‘hard rock’ processing
in structurally complex geologic environments ranging from Bolivia
to the North Slope of Alaska.
Jim Hollis, President and CEO of NEOS, commented, “We are
delighted to welcome ION’s Denver land data processing group to
NEOS. During my career, I’ve had the pleasure of working with many
on their team and I can’t think of a more talented group than the
twenty seismic imaging professionals that will be coming over to
NEOS. The addition of a seismic imaging offering to our toolkit
clearly supports our strategy of offering a portfolio of
best-in-class multi-physics, subsurface imaging solutions to our
global customer base. We’ll now have the capability to process,
integrate and simultaneously interpret both seismic and non-seismic
geo-datasets to render the most complete ‘basement-to-surface’
images in the industry.”
Jonathan Faiman, Executive Chairman of NEOS, added, “This is the
first of what we believe will be many transactions to enhance our
portfolio of natural resource exploration products, services and
solutions. The near-term fall-off in capital spending in the global
resources sector provides us with a unique opportunity to capture
assets that support our strategy. I couldn’t be more excited about
having supported Jim and his management team to make the first
strategic acquisition in the history of NEOS.”
Brian Hanson, President and CEO of ION, concluded by saying,
“Our Denver team has made many significant contributions to ION’s
data processing business over the years, as well as to our
multi-client data library. Our current imaging services strategy is
based on efficient centralization of computing capacity and
technical expertise at our primary hubs in Houston and London,
while using the latest private cloud-based portal technology and
locally deployed regional geoscience experts to support our global
customer base. We are pleased that agreements related to this
transaction will allow ION to continue working closely with NEOS’s
new Denver data processing team, as NEOS has agreed to license our
data processing toolkit. I wish the team all the best of success
under Jim’s leadership at NEOS, and look forward to seeing them
thrive as an integral part of a new E&P solution.”
About NEOS GeoSolutions
NEOS helps governments, energy ministries and exploration teams
in the natural resources industries make faster, more informed
decisions about where to explore, lease and drill. In partnership
with its clients, NEOS acquires and simultaneously interprets
multiple geological, seismic, non-seismic and geochemical datasets
to identify valuable resources in the subsurface, including
hydrocarbons, minerals and groundwater. For more information, visit
www.neosgeo.com.
About ION Geophysical
ION is a leading provider of technology-driven solutions to the
global oil & gas industry. ION’s offerings are designed to help
companies reduce risk and optimize assets throughout the E&P
lifecycle. For more information, visit iongeo.com.
About the Denver Seismic Data Processing Business of
ION
The Denver seismic data processing business had
its formative roots as ‘AXIS Geophysics,’ which ION acquired in
2002 and subsequently combined with another acquired seismic
imaging company – GX Technology (GXT) – in 2005. This entity –
supporting a team of nearly forty scientists in peak-cycle years –
has historically focused on hard-rock onshore processing. AXIS
commercialized the technologies and workflows the E&P industry
needed to undertake anisotropic and azimuthal processing, which
subsequently found great utility in fracture detection and sweet
spot imaging in tight, unconventional shale, and source-rock
reservoirs. More recently, the Denver office has incorporated many
of ION’s depth migration and tomographic imaging techniques into
its workflows, positioning the entity as an industry leader in
onshore depth imaging in complex geologic regimes, including fold-
and thrust-belts such as those found in Argentina, Iraq and
Kurdistan, China, Colombia, Oman, western Canada and Russia.
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version on businesswire.com: http://www.businesswire.com/news/home/20150817005228/en/
NEOS GeoSolutionsChris Friedemann,
+1-713-425-0510Executive Vice President & Chief Commercial
OfficerorKitchen Table Partners – NEOS Public Relations firmDavid
Yelland,
+44.207.652.4348david@kitchentablepartners.comorION GeophysicalChris Usher,
+1-303-717-8871Executive Vice President, Operations Optimization
& Software
ION Geophysical (NYSE:IO)
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