ION finalizes plans to acquire second phase of North Sea 3D multi-client program
March 30 2021 - 4:05PM
ION Geophysical Corporation (NYSE: IO) today announced that the
Company has now finalized plans to launch the second phase of its
North Sea 3D multi-client program, following on from Phase 1, which
commenced in August 2020. The field data for this latest addition
will be collected from approximately late April to mid-October.
Located in a highly productive hydrocarbon province, the Mid North
Sea High survey covers one of the few underexplored areas offshore
the UK, which has garnered significant interest from recent
play-opening wells with attractive development costs. Most of the
~11,000 sq km survey will be acquired this summer, covering an area
six times larger than the initial phase. Since the program launched
last August, additional underwriting was secured and additional
acreage was awarded within the survey area, further validating the
program’s merits and expanding the potential client base for this
new data asset.
The combination of Shearwater’s modern
acquisition technology and ION’s top tier imaging produced
excellent subsurface images that have revealed new insights into
this complex Zechstein play. Therefore, ION is pleased to have
selected Shearwater GeoServices to return this year to acquire the
data for the second phase. To maximize data collection during the
short North Sea summer season, ION’s Optimization Services team
will utilize the Company’s Marlin™ and Orca® software that
incorporate impacts from ocean currents and nearby operations to
optimize decisions in real time. Final data for the first and
second phases remains on track for delivery in Q2 2021 and Q2 2022,
respectively.
“The Mid North Sea High program demonstrates
continued execution of one of our top strategic objectives to
participate in the 3D new acquisition multi-client market, and this
larger second phase will be significantly more material and
accretive to our earnings,” said Joe Gagliardi, Senior Vice
President of ION’s Ventures group. “These surveys have solidified
ION as a recognized 3D player in the industry, evidenced by the 3D
multi-client tenders we have received and potential future 3D
program conversations which are ongoing. The survey is much larger
than any existing 3D data nearby, and in some cases is providing
the first high resolution 3D images of the area, delivering
important new geological insights to inform investment and
development decisions for the entire play.”
To learn more, visit iongeo.com/MidNorthSeaHigh3D.
About ION
Leveraging innovative technologies, ION delivers
powerful data-driven decision-making to offshore energy and
maritime operations markets, enabling clients to optimize
investments and results through access to our data, software and
distinctive analytics. Learn more at iongeo.com.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial
OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com
ION (Media relations)
Vice President, CommunicationsRachel White, +1
281.781.1168rachel.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; our ability to complete
the Restructuring Transactions and other related matters in a
timely manner, if at all; 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, 2020, filed on February 12, 2021, and our Form S-1 and
Form S-4, each filed on January 29, 2021, and amended on February
12, 2021 and March 3, 2021. 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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