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Largest Seismic Imaging Project in Company History

HOUSTON, Oct. 7 /PRNewswire-FirstCall/ — ION Geophysical Corporation
(NYSE: IO) announced today that its GX Technology (GXT) Imaging Solutions
group has been awarded a multi-year seismic data processing contract by Mobil
Producing Nigeria (MPN) Unlimited, operator of the Nigeria National Petroleum
Corporation (NNPC)/MPN Joint Venture. The contract, the largest data
processing award in ION’s history, specifies that GXT and its longstanding
Nigerian partner — Bulwark Services Ltd. — will provide advanced imaging
services for a series of 2C and 4C seabed seismic surveys that will be
acquired over the next several years over producing fields offshore Nigeria.

Nick Bernitsas, Senior Vice President of ION’s GXT Imaging Solutions
group, commented, “We are pleased to have been awarded this significant
contract 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 and
from our experience in West Africa. This is the latest in a series of
successful ION projects offshore West Africa. Our BasinSPAN programs along
the West African Margin have given us insights into the region’s petroleum
systems, while our reprocessing projects for West African operators have given
us experience in how to apply some of the latest data processing techniques in
this important hydrocarbon province. We hope to leverage these experiences
and 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 separate
contract using ION’s VectorSeis(R) Ocean (VSO) acquisition platform. VSO is a
redeployable seabed seismic system that records broadband, high fidelity
seismic data which can be processed into subsurface images of the highest
quality and utility. ION’s GXT Imaging Solutions group and Bulwark Services
will apply state-of-the-art processing techniques, including converted wave
imaging, to the acquired 2C and 4C data.

Lucky Awobasivwe, Managing Director of Bulwark Services Ltd, added, “This
award marks major milestones in both our collaboration with GXT and for the
West African E&P industry. Our GXT partnership exposes us to the latest
imaging techniques and provides local geoscientists with access to the tools
and expertise they require to take on the most challenging geophysical
projects in West Africa. I would like to thank ION for their ongoing
commitment to Bulwark and to the African oil & gas industry, as well as our
client for this project award. I look forward to exceeding their expectations
on the imaging projects we will be undertaking.”

To learn more about ION’s marine imaging capabilities, visit:

About ION

ION is a leading provider of geophysical technology, services, and
solutions for the global oil & gas industry. ION’s offerings allow E&P
operators to obtain higher resolution images of the subsurface to reduce the
risk of exploration and reservoir development, and enable seismic contractors
to acquire geophysical data more efficiently. Additional information about
ION is available at

About Bulwark Services Ltd.

Bulwark Services Limited is a specialized and a leading geoscience company
that 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, geographical
information systems (GIS), and database development and management. Bulwark
Services Limited is a 100% indigenous Nigerian company based in Port Harcourt,

The information included herein contains 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. Actual results may vary fundamentally
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 that are
disclosed by ION from time to time in its filings with the Securities and
Exchange Commission.

ION (Financial community)
Chief Financial Officer
Brian Hanson, +1 281.879.3672

ION (Media affairs)
Senior Manager – Corporate Marketing
Jenny Salinas, +1 713.366.7286

SOURCE ION Geophysical Corporation