ION Awarded Multi-Year, Marine Multi-Component Processing Contract
10/7/2008 8:05:00 AM
HOUSTON, Oct. 7 /PRNewswire-FirstCall/ -- ION Geophysical Corporation(NYSE: IO) announced today that its GX Technology (GXT) Imaging Solutionsgroup has been awarded a multi-year seismic data processing contract by MobilProducing Nigeria (MPN) Unlimited, operator of the Nigeria National PetroleumCorporation (NNPC)/MPN Joint Venture. The contract, the largest dataprocessing award in ION's history, specifies that GXT and its longstandingNigerian partner -- Bulwark Services Ltd. -- will provide advanced imagingservices for a series of 2C and 4C seabed seismic surveys that will beacquired over the next several years over producing fields offshore Nigeria.
Nick Bernitsas, Senior Vice President of ION's GXT Imaging Solutionsgroup, commented, "We are pleased to have been awarded this significantcontract by one of our most important clients. Over the next several years,we will be applying our latest proprietary processing technologies,integrating insights from our experience with full-wave (4C) seismic data andfrom our experience in West Africa. This is the latest in a series ofsuccessful ION projects offshore West Africa. Our BasinSPAN programs alongthe West African Margin have given us insights into the region's petroleumsystems, while our reprocessing projects for West African operators have givenus experience in how to apply some of the latest data processing techniques inthis important hydrocarbon province. We hope to leverage these experiencesand insights on this upcoming series of surveys."
The data is being acquired by the multi-component OBC (ocean-bottom cable)specialist Reservoir Exploration Technology ASA (RXT) under a separatecontract using ION's VectorSeis(R) Ocean (VSO) acquisition platform. VSO is aredeployable seabed seismic system that records broadband, high fidelityseismic data which can be processed into subsurface images of the highestquality and utility. ION's GXT Imaging Solutions group and Bulwark Serviceswill apply state-of-the-art processing techniques, including converted waveimaging, to the acquired 2C and 4C data.
Lucky Awobasivwe, Managing Director of Bulwark Services Ltd, added, "Thisaward marks major milestones in both our collaboration with GXT and for theWest African E&P industry. Our GXT partnership exposes us to the latestimaging techniques and provides local geoscientists with access to the toolsand expertise they require to take on the most challenging geophysicalprojects in West Africa. I would like to thank ION for their ongoingcommitment to Bulwark and to the African oil & gas industry, as well as ourclient for this project award. I look forward to exceeding their expectationson the imaging projects we will be undertaking."
To learn more about ION's marine imaging capabilities, visit:http://www.iongeo.com/processing/marine
ION is a leading provider of geophysical technology, services, andsolutions for the global oil & gas industry. ION's offerings allow E&Poperators to obtain higher resolution images of the subsurface to reduce therisk of exploration and reservoir development, and enable seismic contractorsto acquire geophysical data more efficiently. Additional information aboutION is available at http://www.iongeo.com.
About Bulwark Services Ltd.
Bulwark Services Limited is a specialized and a leading geoscience companythat provides a range of services to the oil and gas industry for exploration,development and production projects. Services include seismic data processing,seismic reconstruction, mapping, information technology, geographicalinformation systems (GIS), and database development and management. BulwarkServices Limited is a 100% indigenous Nigerian company based in Port Harcourt,Nigeria.
The information included herein contains forward-looking statements withinthe meaning of Section 27A of the Securities Act of 1933 and Section 21E ofthe Securities Exchange Act of 1934. Actual results may vary fundamentallyfrom those described in these forward-looking statements. All forward-lookingstatements reflect numerous assumptions and involve a number of risks anduncertainties. These risks and uncertainties include risk factors that aredisclosed by ION from time to time in its filings with the Securities andExchange Commission.
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SOURCE ION Geophysical Corporation