ION awarded large two-year ocean bottom data processing and imaging contract

Date : 11/12/2019 @ 9:15PM
Source : PR Newswire (US)
Stock : ION Geophysical Corporation New (IO)
Quote : 8.81  0.31 (3.65%) @ 7:40PM
ION Geophysical share price Chart

ION awarded large two-year ocean bottom data processing and imaging contract

ION Geophysical (NYSE:IO)
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HOUSTON, Nov. 12, 2019 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced the Company was awarded a large two-year ocean bottom nodal data processing and imaging contract by ARGAS.  ION will deliver high-end time and depth imaging to facilitate exploration and production of the acquired area.  Full waveform inversion (FWI) will be a key component in the workflow to achieve a high resolution velocity model for depth imaging and seismic inversion for reservoir characterization.

"We are pleased to continue expanding our seabed imaging work in the Middle East through successful collaboration with ARGAS and Saudi Aramco," said Ken Williamson, Executive Vice President and Chief Operating Officer of ION's E&P Technology and Services group.  "Recognized as imaging leaders in ocean bottom seismic and FWI, ION has closely collaborated with several customers on exploration and production projects and delivered valuable insights to impact their decisions and plans.  Cutting-edge model building and imaging tools, such as FWI, can help reduce risk and enable more effective decisions.  ION was selected for this project due to our exceptional customer service, relevant local experience and advanced seabed imaging technology."

To learn more, visit iongeo.com/Imaging.

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.

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 

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 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.

Cision View original content:http://www.prnewswire.com/news-releases/ion-awarded-large-two-year-ocean-bottom-data-processing-and-imaging-contract-300956809.html

SOURCE ION Geophysical Corporation

Copyright 2019 PR Newswire

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