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 BasinSPANTM 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' RIGHTBANDTM acquisition and survey design methodology and ION's WiBandTM 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."
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.
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
ION (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
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
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