ION starts second phase of North Sea 3D multi-client program
June 03 2021 - 4:18PM
ION Geophysical Corporation (NYSE: IO) today announced the
commencement of a second, significantly larger phase of its ~11,000
sq km North Sea 3D multi-client program. The Mid North Sea High’s
proximity to shore and existing infrastructure translate to lower
development costs, making the play particularly attractive to
incumbents and new entrants alike. Phase two builds on a successful
first phase last year, where Shearwater’s modern acquisition
technology and ION’s top tier imaging produced outstanding
subsurface images that revealed fresh insights into this promising,
underexplored UK province. ION is pleased to partner with
Shearwater again on phase two, which, upon completion in
mid-October, will increase the program survey area six-fold.
ION is employing digital technologies to acquire
the survey in a more environmentally-conscious manner. Utilizing
the Company’s Marlin™ and Orca® software, ION incorporated impacts
from ocean currents into the survey design to maximize data
collection efficiency during the short North Sea summer season
while minimizing emissions. In addition, through the Company’s
Marlin software, ION and Shearwater are collaborating with
fisheries to minimize disruption to both operations by coordinating
vessel and equipment movement. ION and Shearwater also support the
industry’s Ghost Net initiative to create a healthier ocean
environment by removing plastic and other marine debris.
“We are enthusiastic about starting the second
phase of Mid North Sea High, which has been in the works for some
time and will start contributing to our earnings this summer,”
said Joe Gagliardi, Senior Vice President of ION’s Ventures group.
“The UK remains an attractive area for investment with one of the
highest global returns per barrel. Until recently, the Zechstein
play had been largely overlooked because seismic technology wasn’t
able to properly resolve this complex, variable play. This program
demonstrates how new high quality data can illuminate and unlock
the potential of promising new plays.”
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; the ultimate benefits of
our completed restructuring transactions; 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.
Additional risk factors, which could affect actual results, are
disclosed by the Company in its filings with the Securities and
Exchange Commission, 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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