ION Geophysical (NYSE:IO)
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1 Year : From Dec 2018 to Dec 2019
HOUSTON, June 3, 2019 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced the completion of all 4Sea™ system components designed to revolutionize the safety, efficiency, quality and turnaround time of seabed data acquisition and imaging. Next generation ocean bottom technology provides an opportunity to drastically improve the economics of today's very expensive surveys to significantly expand the number of fields or scope of programs where this superior imaging technology can be applied.
4Sea's transformational architecture enables a paradigm shift in performance by centralizing operational data to power analytics and optimize decision-making using intelligent software and novel hardware. The following 4Sea components are designed to optimize ocean bottom surveys from initial planning to final processing, and while they can be used individually, maximum value is achieved as an integrated system:
- Gator™ is ION's leading ocean bottom command and control system providing intelligent connectivity and optimization for all 4Sea components.
- MESA® SimSurvey™ is a software tool that optimizes survey parameters by rapidly modeling multiple acquisition scenarios to achieve imaging objectives as safely and cost effectively as possible.
- Marlin™ is an application that, similar to air traffic control, integrates activities across time and space with operational rules to improve situational awareness, safety and efficiency.
- The automated back deck is designed to significantly improve the safety and efficiency of seabed surveys by de-manning operations and tripling typical node deployment and retrieval speeds.
- New sensors capture a broader spectrum of frequencies to produce higher resolution images.
- SailWing™ is a light foil-based alternative to conventional bulky marine diverters for smarter, faster source vessel performance, reducing turn times by up to two-thirds and reducing repair time.
- The QA/QC system establishes an integrated and automated data flow from the sources and receivers that eliminates user-intensive workflows in an environment of ever increasing acquisition rates and data densities while providing ship-to-shore diagnostics to ensure data integrity and accelerated data delivery through the subsequent data processing cycle.
"ION has over a decade of experience developing and deploying ocean bottom systems around the world," said Chris Usher, ION's President and Chief Executive Officer. "E&P companies greatly value higher resolution seabed data to optimize reservoir development and production decisions, but the high cost has historically limited its application. With advances in digitalization, we took a fresh look at what would deliver a step-change in performance to make this technology feasible for broader applications. We envisioned a modern data-centric approach combined with intelligent software and innovative hardware that could enable smarter planning, improved execution and holistic decision-making across seabed operations. After extensive development and testing, I'm pleased that 4Sea components are delivering, and often exceeding, target goals to enable our customers to capture benefits spanning improved safety, efficiency, image quality and turnaround time for ocean bottom data."
To learn more, visit iongeo.com/4Sea.
ION develops and leverages innovative technologies, creating value through data capture, analysis and optimization to enhance critical decision-making, enabling superior returns. For more information, visit iongeo.com.
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; and political, execution, regulatory, and currency risks. These risks and uncertainties also include risks associated with the WesternGeco litigation and other related proceedings. We cannot predict the outcome of this litigation or the related proceedings. For additional information regarding these various risks and uncertainties, including the WesternGeco litigation, see our Form 10-K for the year ended December 31, 2018, filed on February 8, 2019. Additional risk factors, which could affect actual results, are disclosed by the Company in its fillings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.
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SOURCE ION Geophysical Corporation