HOUSTON, July 30, 2019 /PRNewswire/ -- ION
Geophysical Corporation (NYSE: IO) and iSEISMIC AS, an ocean bottom
seismic (OBS) acquisition specialist, today announced a memorandum
of understanding to collaborate on seabed acquisition
technologies. iSEISMIC plans to utilize the full suite of
ION's next generation 4Sea™ ocean bottom acquisition and imaging
technology to deliver a step-change in the safety, efficiency,
quality and turnaround time of seabed surveys. This agreement
will enable ION to commercialize its new 4Sea technology and
provides an opportunity to realize the benefits of our technology
to acquire ocean bottom multi-client programs more quickly and
cost-effectively with an experienced service provider. The
companies are looking forward to successfully deploying 4Sea and
significantly expanding the use of superior seabed data to enhance
clients' reservoir decision-making.
"This collaboration validates our component approach and
provides ION an exciting opportunity to further participate in the
growing, high value seabed market and extract recurring revenue
from the value our technology delivers, without compromising our
asset light strategy," said Chris
Usher, ION's President and Chief Executive Officer.
"Deploying 4Sea as a complete system will enable iSEISMIC and our
multi-client customers to gain maximum benefit from this fully
integrated transformational architecture for exceptionally
efficient OBS data acquisition. We look forward to working
with iSEISMIC to create a Blue Ocean shift for the applications of
OBS data in our industry."
"This partnership presents a unique opportunity for both
companies to leverage significant synergies to gain a strengthened
foothold in the OBS market," stated Carl
Berg, iSEISMIC's Chief Executive Officer. "ION is an
ideal partner as their multi-client business development, imaging
expertise and revolutionary technology nicely complements our
team's aggregated operational experience acquiring over 150
surveys, including more than 50 OBS surveys, while deploying a
range of new technologies. After considering a number of
industry alternatives, we believe the full suite of ION's 4Sea
technologies will enable us to achieve a radical breakthrough in
OBS performance and give us a range of competitive advantages.
As a first mover with the complete 4Sea platform, including
the fully automated deployment and retrieval system, we will have
the fastest operational speed in the industry, significantly faster
than today's standard."
To learn more, visit iongeo.com/4Sea or
isurvey-group.com/services/iseismic.
About ION
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.
About iSEISMIC
iSEISMIC AS, part of the iSURVEY Group, is a new ocean bottom
seismic acquisition specialist with a revisited perspective on high
performance, delivering cost-efficient seabed seismic acquisition
services. For more information, visit
www.isurvey-group.com/services/iseismic.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
steve.bate@iongeo.com
ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
rachel.white@iongeo.com
iSEISMIC (Investor relations)
Chief Financial Officer
Torgeir Mangersnes, +47 910 06 155
torgeir.mangersnes@iseismic.com
iSEISMIC (Marketing and Sales)
Director Marketing and Sales
Rick Donoghue, +44 773 677
4551
rick.donoghue@iseismic.com
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 (including 4Sea); 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 7, 2019. Additional risk factors, which
could affect actual results, are disclosed by the Company in its
filings 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