HOUSTON, April 26, 2017 /PRNewswire/ -- ION Geophysical
Corporation (NYSE: IO) today announced that Scottish Enterprise
(SE) will provide a grant of £522,984 over 15 months to support the
Company's £1.5 million software development program, which aims to
revolutionize offshore operations management. The SE support
will create one job and protect twelve jobs in Scotland, and enable the timely release of
technology that will benefit the industry. Today, offshore
operations are often managed manually and can be especially complex
around busy, congested oil and gas installations. These
workflows and operations can greatly benefit from proactive use of
intelligent, automated software such as ION's Marlin solution.
The announcement came ahead of the Offshore Technology
Conference next week in Texas,
where the company will host a stand in the Scottish Pavilion to
promote Marlin.
ION's Marlin project is to be undertaken by a wholly owned
subsidiary, Concept Systems Ltd. (CSL), an Edinburgh-based software provider developing
real-time navigation and data management solutions for the seismic
industry.
CSL will develop an innovative marine management system that
combines temporal project planning with 3D spatial situational
awareness across diverse activities to support increased
operational efficiency, safer operations and reduced expenditure
across oil and gas marine support operations. The Marlin
project expands CSL's market from the seismic sector into a broader
range of exploration and production operations and potentially also
beyond the oil and gas sector.
Marlin technology currently exists in a form that can be
delivered via a service model. This new project will
transform the Marlin solution into a scalable software product that
will deliver value across a wide range of oil and gas activities,
from use in a single project to an enterprise-wide solution for all
assets in a company's portfolio. Development of Marlin is
aligned with E&P companies' operational need for efficiency,
safety and performance.
Christopher Usher, EVP &
Chief Operating Officer of ION's E&P Operations Optimization
group, said, "We have demonstrated the value that Marlin can
deliver to E&P operations via our service model. This
process has allowed us to deliver value to our clients on a project
basis, but has also helped us identify the need for and
requirements of an enterprise software solution to optimize
operational planning and execution. The support and funding
provided by Scottish Enterprise has been essential to help us
develop our solution for this market."
Lena Wilson, Chief Executive of
Scottish Enterprise, said, "ION is a fantastic example of a U.S.
company recognising the benefits of Scotland's top talent and effective business
environment. We are very pleased to have been able to support
the company to get to this stage and wish them every success in
achieving their future ambitions."
For more information, visit iongeo.com/Marlin.
About ION
ION is a leading provider of technology-driven solutions to the
global oil & gas industry. ION's offerings are designed
to help companies reduce risk and optimize assets throughout the
E&P lifecycle. 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 risks associated with the timing and development of the
Company's products and services, the competitiveness of offers,
pricing pressure, decreased demand, and changes in oil prices; and
political, execution, regulatory, and currency risks.
Additional risk factors, which could affect actual results are
disclosed by the Company in its fillings with the Securities and
Exchange Commission ("SEC"), including its Form 10-K, Form 10-Q 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