HOUSTON, Sept. 28, 2017 /PRNewswire/ -- ION Geophysical
Corporation (NYSE: IO) today announced an approximate 50% extension
to its previously announced program offshore Panama due to strong client interest and
prefunding to evaluate offshore Panama in advance of the anticipated license
round. The client-driven survey provides a regional framework
typical of BasinSPAN™ programs to evaluate the geology of the
Panamanian offshore, while the new extension provides more detailed
coverage that will allow E&P companies to evaluate blocks ahead
of the expected license round. Recent exploration success
offshore Colombia, adjacent to
Panama's Caribbean coast, has created interest among
E&P companies in high-quality seismic data to evaluate the
hydrocarbon prospectivity on this margin. The expanded
program will be approximately 9,000 kilometers and is the only
modern data available offshore Panama.
Brian Hanson, ION's President and
Chief Executive Officer, said, "Over the last 18 months, we
targeted opportunities less dependent on cycle recovery in specific
geographic areas and production optimization offerings, and we are
seeing these efforts pay off. We launched four new programs
this year that met our strict underwriting standards in addition to
the continued success of our 3D multi-client Campeche reimaging program in collaboration
with Schlumberger. We have seen renewed interest in clients
underwriting programs in advance of license rounds and to evaluate
new discoveries.
"The program has been progressing well with excellent data
quality and solid productivity, due in part to the deployment of
our offshore operations management software, Marlin™. Marlin
enabled us to navigate one of the busiest maritime transit routes
in the world near the Panama Canal resulting in a safer and more
efficient program. Akin to modern air traffic control
systems, Marlin integrates a variety of real-time data sources that
enables multiple stakeholders to share and visualize vessel route
plans, foresee and avoid conflicts between vessels and fixed
assets, optimize schedules, and measure and improve asset
performance. Marlin enables greater collaboration
allowing underwriters to tune into what's happening in the field
real-time from their offices to monitor program progress and key
statistics."
To learn more, visit iongeo.com/Panama.
About ION
ION is a leading provider of technology-driven solutions to the
global oil and 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, 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 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