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Expands NEOS’s Multi-Physics Toolkit to Include Seismic Imaging

HOUSTON–(BUSINESS WIRE)–Aug. 17, 2015–
NEOS GeoSolutions, Inc. and ION Geophysical Corporation (NYSE:IO) today
announced that NEOS has acquired – for cash and other consideration –
ION’s Denver land seismic data processing operation. The addition of
this business line expands NEOS’s multi-physics service lines to now
include seismic data processing and imaging. The rest of ION’s data
processing business, including ION’s land data processing capabilities
in support of its 3D ResSCANTM
land programs, is unaffected by this transaction.

ION’s Denver processing group has completed nearly 400 subsurface
imaging projects since 2003 for customers that include some of the
largest international and independent E&P companies in the world. The
Denver team specializes in ‘hard rock’ processing in structurally
complex geologic environments ranging from Bolivia to the North Slope of
Alaska.

Jim Hollis, President and CEO of NEOS, commented, "We are delighted to
welcome ION’s Denver land data processing group to NEOS. During my
career, I’ve had the pleasure of working with many on their team and I
can’t think of a more talented group than the twenty seismic imaging
professionals that will be coming over to NEOS. The addition of a
seismic imaging offering to our toolkit clearly supports our strategy of
offering a portfolio of best-in-class multi-physics, subsurface imaging
solutions to our global customer base. We’ll now have the capability to
process, integrate and simultaneously interpret both seismic and
non-seismic geo-datasets to render the most complete
‘basement-to-surface’ images in the industry."

Jonathan Faiman, Executive Chairman of NEOS, added, "This is the first
of what we believe will be many transactions to enhance our portfolio of
natural resource exploration products, services and solutions. The
near-term fall-off in capital spending in the global resources sector
provides us with a unique opportunity to capture assets that support our
strategy. I couldn’t be more excited about having supported Jim and his
management team to make the first strategic acquisition in the history
of NEOS."

Brian Hanson, President and CEO of ION, concluded by saying, "Our Denver
team has made many significant contributions to ION’s data processing
business over the years, as well as to our multi-client data library.
Our current imaging services strategy is based on efficient
centralization of computing capacity and technical expertise at our
primary hubs in Houston and London, while using the latest private
cloud-based portal technology and locally deployed regional geoscience
experts to support our global customer base. We are pleased that
agreements related to this transaction will allow ION to continue
working closely with NEOS’s new Denver data processing team, as NEOS has
agreed to license our data processing toolkit. I wish the team all the
best of success under Jim’s leadership at NEOS, and look forward to
seeing them thrive as an integral part of a new E&P solution."

About NEOS GeoSolutions

NEOS helps governments, energy ministries and exploration teams in the
natural resources industries make faster, more informed decisions about
where to explore, lease and drill. In partnership with its clients, NEOS
acquires and simultaneously interprets multiple geological, seismic,
non-seismic and geochemical datasets to identify valuable resources in
the subsurface, including hydrocarbons, minerals and groundwater. For
more information, visit www.neosgeo.com.

About ION Geophysical

ION is a leading provider of technology-driven solutions to the global
oil & gas industry. ION’s offerings are designed to help companies
reduce risk and optimize assets throughout the E&P lifecycle. For more
information, visit iongeo.com.

About the Denver Seismic Data Processing Business of ION

The Denver seismic data processing business had its formative roots as
‘AXIS Geophysics,’ which ION acquired in 2002 and subsequently combined
with another acquired seismic imaging company – GX Technology (GXT) – in
2005. This entity – supporting a team of nearly forty scientists in
peak-cycle years – has historically focused on hard-rock onshore
processing. AXIS commercialized the technologies and workflows the E&P
industry needed to undertake anisotropic and azimuthal processing, which
subsequently found great utility in fracture detection and sweet spot
imaging in tight, unconventional shale, and source-rock reservoirs. More
recently, the Denver office has incorporated many of ION’s depth
migration and tomographic imaging techniques into its workflows,
positioning the entity as an industry leader in onshore depth imaging in
complex geologic regimes, including fold- and thrust-belts such as those
found in Argentina, Iraq and Kurdistan, China, Colombia, Oman, western
Canada and Russia.

Source: NEOS GeoSolutions, Inc.

NEOS GeoSolutions
Chris Friedemann,
+1-713-425-0510
Executive Vice President & Chief Commercial Officer
or
Kitchen
Table Partners – NEOS Public Relations firm
David Yelland,
+44.207.652.4348
david@kitchentablepartners.com
or
ION
Geophysical
Chris Usher, +1-303-717-8871
Executive Vice
President, Operations Optimization & Software