HOUSTON, Oct. 8, 2020 /PRNewswire/ -- ION Geophysical
Corporation (NYSE: IO) today announced the initial phase of the
Company's North Sea 3D multi-client program was acquired safely and
ahead of schedule. While the majority of the up to ~11,000 sq
km industry-supported survey will be acquired next summer, this
initial phase enables the Company to complete the entire program by
the end of the 2021 season. The Mid North Sea High program
covers one of the last underexplored sections of the prolific UK
Continental Shelf, and is now an area of industry focus following
recent play-opening wells. The existing infrastructure and
proximity to the shore makes it attractive for future
investment. Since the program launched, additional acreage
was awarded over the survey area, reinforcing the value of the
asset and increasing the potential client base for our
program. Final deliverables will be available in April 2021.
"This program marks our entry into the North Sea and completes
one of the company's top strategic objectives this year to enter
the larger 3D new acquisition multi-client market," said
Ken Williamson, Executive Vice
President and Chief Operating Officer of ION's E&P Technology
and Services group. "On behalf of ION, I'd like to thank
Shearwater for their partnership in the program. We
successfully acquired the most challenging shallow water section of
the survey, where conflicts with other operations would have been
more challenging in subsequent years. Utilizing the Company's
Marlin™ and Orca® software, ION's Optimization Services
team planned the project using an innovative digital methodology
that incorporates impacts of ocean currents and nearby operations
to make better decisions in real time. This assured maximum
data collection during the available 2020 season and more uniform
subsurface coverage. We are looking forward to the second
phase next summer."
To learn more, visit iongeo.com/MidNorthSeaHigh3D.
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.
View original
content:http://www.prnewswire.com/news-releases/ion-completes-phase-1-of-north-sea-3d-multi-client-program-ahead-of-schedule-301148403.html
SOURCE ION Geophysical Corporation