BERGEN, Norway, July 30, 2019 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) and iSEISMIC AS, an ocean bottom seismic (OBS) acquisition specialist, today announced a memorandum of understanding to collaborate on seabed acquisition technologies. iSEISMIC plans to utilize the full suite of ION's next generation 4Sea™ ocean bottom acquisition and imaging technology to deliver a step-change in the safety, efficiency, quality and turnaround time of seabed surveys. This agreement will enable ION to commercialize its new 4Sea technology and provides an opportunity to realize the benefits of our technology to acquire ocean bottom multi-client programs more quickly and cost-effectively with an experienced service provider. The companies are looking forward to successfully deploying 4Sea and significantly expanding the use of superior seabed data to enhance clients' reservoir decision-making.
"This collaboration validates our component approach and provides ION an exciting opportunity to further participate in the growing, high value seabed market and extract recurring revenue from the value our technology delivers, without compromising our asset light strategy," said Chris Usher, ION's President and Chief Executive Officer. "Deploying 4Sea as a complete system will enable iSEISMIC and our multi-client customers to gain maximum benefit from this fully integrated transformational architecture for exceptionally efficient OBS data acquisition. We look forward to working with iSEISMIC to create a Blue Ocean shift for the applications of OBS data in our industry."
"This partnership presents a unique opportunity for both companies to leverage significant synergies to gain a strengthened foothold in the OBS market," stated Carl Berg, iSEISMIC's Chief Executive Officer. "ION is an ideal partner as their multi-client business development, imaging expertise and revolutionary technology nicely complements our team's aggregated operational experience acquiring over 150 surveys, including more than 50 OBS surveys, while deploying a range of new technologies. After considering a number of industry alternatives, we believe the full suite of ION's 4Sea technologies will enable us to achieve a radical breakthrough in OBS performance and give us a range of competitive advantages. As a first mover with the complete 4Sea platform, including the fully automated deployment and retrieval system, we will have the fastest operational speed in the industry, significantly faster than today's standard."
iSEISMIC AS, part of the iSURVEY Group, is a new ocean bottom seismic acquisition specialist with a revisited perspective on high performance, delivering cost-efficient seabed seismic acquisition services. For more information, visit www.isurvey-group.com/services/iseismic.
ION develops and leverages innovative technologies, creating value through data capture, analysis and optimization to enhance critical decision-making, enabling superior returns. For more information, visit iongeo.com.
iSEISMIC (Investor relations)
Chief Financial Officer
Torgeir Mangersnes, +47 910 06 155
iSEISMIC (Marketing and Sales)
Director Marketing and Sales
Rick Donoghue, +44 773 677 4551
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 the risks associated with the timing and development of ION Geophysical Corporation's products and services (including 4Sea); pricing pressure; decreased demand; changes in oil prices; and political, execution, regulatory, and currency risks. These risks and uncertainties also include risks associated with the WesternGeco litigation and other related proceedings. We cannot predict the outcome of this litigation or the related proceedings. For additional information regarding these various risks and uncertainties, including the WesternGeco litigation, see our Form 10-K for the year ended December 31, 2018, filed on February 7, 2019. 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.
SOURCE iSEISMIC AS