HOUSTON, April 4, 2014 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced it is collaborating with Polarcus to acquire a new 4,000 sq. km. 3D multi-client seismic survey offshore southwest Ireland, the first major survey of the significantly underexplored deep-water Southern Porcupine Basin. Drilling results in the area have proven the existence of a petroleum system, and 2D seismic data indicates significant sediments and prospective structures. The survey will leverage the geological knowledge gained from ION's Northeast AtlanticSPANTM 2D survey to deliver the high-quality 3D data required by oil and gas companies to further develop the area.
Brian Hanson, ION's President and Chief Executive Officer, commented, "This is the first survey to arise from our alliance with Polarcus, announced last year, to jointly develop and market multi-client regionally-calibrated 3D surveys. The alliance provides us access to a world-class seismic fleet and allows us to naturally leverage our 2D BasinSPANS, which have generated $1.5 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 pleased that ION has elected to participate in this timely new 3D project offshore southwest Ireland. The South Porcupine Basin is a Mesozoic rift basin that is attracting significant interest ahead of the forthcoming Irish 2015 Atlantic Margin Oil and Gas Exploration Licensing Round. ION's unique SPAN data available in the area will provide important geological and geophysical information to ensure optimum imaging of key geologic structures and assist in the understanding of the major structural elements across the basin. The project has received previously announced industry underwriting."
Acquisition is expected to commence in late June. Data is expected to be available in early 2015. For more information, visit iongeo.com/Porcupine3D.
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, +1 281.552.3011
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 activity, 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, 2013 and its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed during 2014.
SOURCE ION Geophysical Corporation