HOUSTON, April 26, 2017 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced that Scottish Enterprise (SE) will provide a grant of £522,984 over 15 months to support the Company's £1.5 million software development program, which aims to revolutionize offshore operations management. The SE support will create one job and protect twelve jobs in Scotland, and enable the timely release of technology that will benefit the industry. Today, offshore operations are often managed manually and can be especially complex around busy, congested oil and gas installations. These workflows and operations can greatly benefit from proactive use of intelligent, automated software such as ION's Marlin solution.
The announcement came ahead of the Offshore Technology Conference next week in Texas, where the company will host a stand in the Scottish Pavilion to promote Marlin.
ION's Marlin project is to be undertaken by a wholly owned subsidiary, Concept Systems Ltd. (CSL), an Edinburgh-based software provider developing real-time navigation and data management solutions for the seismic industry.
CSL will develop an innovative marine management system that combines temporal project planning with 3D spatial situational awareness across diverse activities to support increased operational efficiency, safer operations and reduced expenditure across oil and gas marine support operations. The Marlin project expands CSL's market from the seismic sector into a broader range of exploration and production operations and potentially also beyond the oil and gas sector.
Marlin technology currently exists in a form that can be delivered via a service model. This new project will transform the Marlin solution into a scalable software product that will deliver value across a wide range of oil and gas activities, from use in a single project to an enterprise-wide solution for all assets in a company's portfolio. Development of Marlin is aligned with E&P companies' operational need for efficiency, safety and performance.
Christopher Usher, EVP & Chief Operating Officer of ION's E&P Operations Optimization group, said, "We have demonstrated the value that Marlin can deliver to E&P operations via our service model. This process has allowed us to deliver value to our clients on a project basis, but has also helped us identify the need for and requirements of an enterprise software solution to optimize operational planning and execution. The support and funding provided by Scottish Enterprise has been essential to help us develop our solution for this market."
Lena Wilson, Chief Executive of Scottish Enterprise, said, "ION is a fantastic example of a U.S. company recognising the benefits of Scotland's top talent and effective business environment. We are very pleased to have been able to support the company to get to this stage and wish them every success in achieving their future ambitions."
For more information, visit iongeo.com/Marlin.
ION is a leading provider of technology-driven solutions to the global oil & gas industry. ION's offerings are designed to help companies reduce risk and optimize assets throughout the E&P lifecycle. For more information, visit iongeo.com.
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
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 risks associated with the timing and development of the Company's products and services, the competitiveness of offers, pricing pressure, decreased demand, and changes in oil prices; and political, execution, regulatory, and currency risks. Additional risk factors, which could affect actual results are disclosed by the Company in its fillings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Q 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