HOUSTON, June 29, 2020 /PRNewswire/ -- ION
Geophysical Corporation (NYSE: IO) and PGS today announced an
agreement to collaborate globally on 2D exploration data.
Both companies have modern, high-quality multi-client data
libraries that together cover all the significant hydrocarbon
provinces around the world. The new joint data library will
comprise nearly a million kilometers of uniquely complementary
data, including many areas of genuine broadband seismic, that have
substantial opportunity for integration and reimaging.
Drawing on ION's latest imaging technology and PGS' broadband
2D GeoStreamer® offering, the companies will produce
enhanced deliverables with higher resolution and greater spatial
coverage, offering deeper insights and more reliable pre-stack
attributes for exploration screening on a global basis. ION
and PGS intend to develop an integrated seamless 2D seismic data
library over time, creating a comprehensive, data-rich environment
to inform exploration business decisions for E&P
operators. The combined data library will be jointly
marketed.
"The combined 2D data libraries will provide E&P companies
with a more efficient way to identify and high-grade attractive
frontier investment opportunities," said Berit Osnes, PGS' EVP, New Ventures.
"ION's BasinSPAN™ offering is globally recognized as the benchmark
tool for exploration insights at the basin-scale. Referencing
and integrating our GeoStreamer enriched 2D data library into that
framework will create a valuable opportunity to add resolution to
that understanding."
"PGS' global framework of modern data, much of which was
acquired with long offsets and GeoStreamer multi-sensor acquisition
technology, is exceptionally compatible to integrate with ION's
BasinSPAN framework to deepen basin characterization and insights
for our customers," said Ken
Williamson, Executive Vice President and Chief Operating
Officer of ION's E&P Technology and Services group. "The
collaboration extends beyond existing data to include new program
activity and the integration of third-party data where relevant to
further augment the value of the offering."
About the Companies
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.
PGS ASA and its subsidiaries ("PGS" or "the
Company") is a focused marine geophysical company that provides a
broad range of seismic and reservoir services, including
acquisition, imaging, interpretation, and field evaluation. The
Company MultiClient data library is among the largest in the
seismic industry, with modern 3D coverage in all significant
offshore hydrocarbon provinces of the world. The Company operates
on a worldwide basis with headquarters in Oslo, Norway and the PGS share is listed
on the Oslo stock exchange (OSE:
PGS). For more information on PGS visit www.pgs.com.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Mike Morrison, +1 281.552.3011
mike.morrison@iongeo.com
ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
rachel.white@iongeo.com
PGS (Investor relations)
Senior Vice President, IR & Communication
Bård Stenberg, +47 99 24 52 35
Bard.Stenberg@pgs.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.
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SOURCE ION Geophysical Corporation