HOUSTON, April 9, 2020 /PRNewswire/ -- ION Geophysical
Corporation (NYSE: IO) today announced a settlement of the
decade-long patent litigation with WesternGeco regarding lateral
streamer positioning. The parties signed an agreement where
WesternGeco will permanently dismiss the pending lawsuit, grant ION
a license to the patents and lift the injunction preventing ION
from manufacturing DigiFIN™ in the United
States. In exchange, ION agreed to pay a settlement
value to WesternGeco out of future revenues from the company's
multi-client data library, comprising 1) a small percent of 2D
multi-client late sales for a 10-year period and 2) transferring a
majority of ION's revenue share to WesternGeco on the parties'
existing joint multi-client reimaging product offshore
Mexico. The parties also agreed to expand the existing
multi-client collaboration opportunities through new arrangements
within specific geographies and product offerings.
"I am thrilled to put this lawsuit behind us," said Chris Usher, ION's President and Chief Executive
Officer. "The composition of our companies'
portfolios and the competitive landscape have changed
dramatically over the timeline of this case. Both parties
recognized that collaboration and risk-sharing make more sense
going forward, rather than embarking on the new damages case ION
was awarded late in 2019. The parties have been collaborating
since 2016 on multi-client programs and have identified additional
areas to work together to create enhanced value for our
customers."
About ION
Leveraging innovative technologies, ION delivers powerful
data-driven decision-making to offshore energy, ports and defense
industries, enabling our clients to optimize operations and deliver
superior returns. Learn more at iongeo.com.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Mike Morrison, +1 281.552.3011
mike.morrison@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; political, execution, regulatory, and currency risks; the
COVID-19 pandemic; and the Saudi-Russian oil price war. For
additional information regarding these various risks and
uncertainties, see our Form 10-K for the year ended December 31, 2019, filed on February 6, 2020. 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