HOUSTON, May 2, 2014 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced that its GX Technology (GXT) group has been awarded a multi-year contract with Petroleos Mexicanos (PEMEX), the national oil company of Mexico. Under this contract, GXT is providing a broad range of seismic data processing for multiple offshore and onshore surveys over the next three years. The work will be executed via GXT's Villahermosa, Mexico, and Houston offices and through its Houston high performance computing center.
GXT will utilize its proprietary imaging technologies to process seismic data acquired on behalf of PEMEX, including in deepwater regions of the Gulf of Mexico, in highly complex subsalt areas and in various onshore regions throughout Mexico. The scope of services includes GXT's WiBandTM broadband processing, velocity model building and pre-stack depth migration (PreSDM) using both beam migration and high frequency reverse time migration (RTM) techniques. Through their presence in Villahermosa, GXT professionals will closely collaborate with their PEMEX counterparts to accelerate the identification of new exploration leads and development drilling targets.
Jose Antonio Escalera, Sub-Director of Exploration at PEMEX, commented, "PEMEX will continue to invest heavily in hydrocarbon exploration and development in the years ahead. Much of this investment will be directed at E&P projects in which the targets are located in complex geologic regimes, including in fractured carbonate and deepwater subsalt reservoirs. Processing these datasets requires the most advanced imaging techniques. GXT continues to be well suited to help us address these challenges, having demonstrated their ability to deliver superior images within our required timeframes."
Christopher Usher, Executive Vice President and Chief Operating Officer of ION's GeoScience Division, added, "ION and PEMEX have a solid, long-standing relationship. This multi-year contract award expands our existing services and demonstrates that PEMEX continues to derive value from our differentiated technologies and services. We are excited about continuing to collaborate with PEMEX as they navigate this new era of energy reform, and to support the technical and commercial success of their core assets."
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.
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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 benefits expected to result from the transactions 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 risk factors, which could affect actual results, as disclosed by the Company from time to time in its filings with the Securities and Exchange Commission, 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