This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

ION Announces Strategic Alliance With Polarcus For Multi-client Seismic

HOUSTON, July 26, 2013 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced it has formed a multi-year strategic alliance with Polarcus to jointly develop, execute and market 3D multi-client seismic programs globally. 

The alliance will leverage the complementary strengths of the two companies to deliver a differentiated 3D multi-client offering to meet oil companies' growing demand for higher quality 3D seismic data.  The alliance will utilize petroleum system insights into key basins derived from ION's 2D BasinSPAN TM data library, to locate and design surveys that address specific geological challenges.  The 3D multi-client surveys will be acquired using Polarcus' fleet of advanced, environmentally-friendly, high-performance seismic vessels and will incorporate an industry leading broadband solution combining Polarcus' RIGHTBAND TM acquisition and survey design methodology and ION's WiBand TM data processing technology.

Brian Hanson, ION's President and Chief Executive Officer, commented, "We are pleased to expand our long-standing solid working relationship with Polarcus.  This alliance will provide us access to a world-class seismic fleet, consistent with our 'asset light' strategy, and will allow us to naturally leverage our 2D BasinSPANS, which have generated $1.4 billion in revenues to date, to create a new growth segment for ION in the lucrative 3D multi-client market." 

Rolf Ronningen, Polarcus' Chief Executive Officer, commented, "We are confident that this collaboration will bring value to our clients through the delivery of the highest quality multi-client projects, optimally designed to improve the understanding of the sub-surface geology. Specifically for Polarcus it will enable us to expand our 3D multi-client footprint, utilizing the combined resources and assets of Polarcus and ION to ensure we make the right project choices, and further provide additional stability and flexibility to our vessel scheduling across the globe."

About ION

ION Geophysical Corporation is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION's offerings are designed to allow E&P companies to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and to enable seismic contractors to acquire geophysical data safely and efficiently. Additional information about ION is available at www.iongeo.com.

About Polarcus

Polarcus (OSE: PLCS) is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from Pole to Pole. Polarcus operates a fleet of high performance 3D seismic vessels incorporating an innovative design and advanced maritime technologies for improved safety and efficiency. Polarcus offers contract seismic surveys and multi-client projects worldwide and employs over 500 professionals. The Company's principal office is in Dubai, United Arab Emirates. For more information, visit  www.polarcus.com

ContactsION (Investor relations)Senior Vice President and Chief Financial Officer Greg Heinlein, +1 281.781.1046

ION (Media relations)Vice President - Corporate Marketing Karen Abercrombie, +1 713.366.7281 karen.abercrombie@iongeo.com

The information included 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 future sales and market growth, sales and benefits expected to result from the alliance 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 and market acceptance of the Company ' s new and revised product offerings; risks regarding the operation of the alliance; risks regarding competitors ' product offerings and pricing pressures resulting therefrom; risks that sources of capital may not prove adequate; risks regarding collection of receivables; risks regarding the demand for seismic services and data from the Company ' s multi-client library; political risks; regulatory risks; and risks regarding currency. Additional risk factors, which could affect actual results, are disclosed by the Company from time to time in its filings with the Securities and Exchange Commission ( " SEC " ), including its Annual Report on Form 10-K for the   year ended December 31, 2012 and its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed during 2013.

SOURCE ION Geophysical Corporation

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs