ION Increases Ocean Bottom Seismic Activities - 16/06/2014

ION Geophysical Corporation (USA) has announced that it has entered into an agreement to increase to 100% its ownership of ocean bottom seismic (OBS) acquisition company OceanGeo B.V., USA. OceanGeo was recently awarded a substantial survey offshore West Africa for an international oil company, having completed a 540-square-kilometre survey offshore Trinidad for Petroleum Company of Trinidad and Tobago Limited (Petrotrin) on time, on budget and with no QHSE incidents.

ION acquired 30% of OceanGeo in February 2013 and increased its ownership to 70% in January 2014.

Brian Hanson, ION's President and CEO, commented that the OBS segment is the fastest-growing seismic market segment, commanding an estimated 13% of E&P company marine seismic spend, up from about 6% in 2006. The increase in ownership of OceanGeo is indicative of ION’s commitment to the OBS market and is in keeping with the strategy of leveraging key technologies, such as the Calypso next generation VSO acquisition system, to deliver solutions to oil & gas companies. With the addition of OceanGeo services, ION now offer a fully-integrated OBS solution that includes survey planning and design, data acquisition using Calypso, and data processing, interpretation and reservoir services through the GX Technology group. 

Last updated: 22/09/2020