HOUSTON, Sept. 23, 2020 /PRNewswire/ -- ION
Geophysical Corporation (NYSE: IO) today announced the
commercialization of its proprietary Gemini™ extended frequency
source technology following a successful survey deployment in the
Gulf of Mexico. Developed with support from an E&P
operator, the new source technology addresses industry demand for
increased geophysical fidelity in complex geologies while
satisfying both improved operational and environmental
performance. Gemini is flexible across both seabed and towed
streamer data acquisition platforms and is immediately available as
a plug-in component to existing source infrastructure.
Even in the current market, some of the most attractive E&P
investment areas for appraisal, development and near-field
exploration are amidst the world's most complex geological settings
where more accurate imaging is essential for cost effective oil and
gas extraction. Gemini uniquely provides a broad source
spectrum significantly richer in low frequencies with a
considerably reduced environmental impact. Low frequencies
support more accurate geological models and imaging by driving
improved performance and automation of Full Waveform Inversion
workflows.
"This product is designed for a market where significant capex
is still flowing, and where our customers need to de-risk decisions
innovatively and cost-effectively," said Ken Williamson, Executive Vice President and
Chief Operating Officer of ION's E&P Technology and Services
group. "We have been delighted with E&P customer support
during Gemini's development and their advocacy now for rapid
industry adoption to address challenging prospects in their
portfolios. This important ingredient to enhancing subsurface
knowledge differentiates ION as we expand into the larger 3D
multi-client new acquisition market while maintaining our asset
light approach. Our patent-pending design has been approved
by the environmental permitting authorities in the US and the UK,
and based on these approvals, we expect permit timing in other
jurisdictions to be equivalent to that of a conventional source
array."
To learn more, visit iongeo.com/Gemini.
About ION
Leveraging innovative technologies, ION delivers powerful
data-driven decision-making to offshore energy, ports and defense
industries, enabling 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, +1 281.879.3615
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; agreements made or adhered to by members of OPEC and other
oil producing countries to maintain production levels; the COVID-19
pandemic; and political, execution, regulatory, and currency risks.
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