ION starts second phase of North Sea 3D multi-client program
ION Geophysical Corporation (NYSE: IO) has launched the second phase of its North Sea 3D multi-client program, expanding the survey area six-fold to around 11,000 sq km. The initiative benefits from lower development costs due to its proximity to shore and existing infrastructure. Utilizing advanced digital technologies like Marlin™ and Orca®, ION aims to enhance environmental sustainability while maximizing data collection efficiency. This phase is expected to contribute positively to earnings starting this summer, as the UK remains a highly attractive area for investment.
- Second phase of North Sea 3D program expands survey area six-fold.
- Use of advanced digital technologies enhances data collection efficiency.
- Lower development costs due to proximity to shore and existing infrastructure.
- Expected earnings contribution starting summer 2021.
- None.
New digital technologies improve cross-industry coordination and decrease carbon footprint
HOUSTON, June 03, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced the commencement of a second, significantly larger phase of its ~11,000 sq km North Sea 3D multi-client program. The Mid North Sea High’s proximity to shore and existing infrastructure translate to lower development costs, making the play particularly attractive to incumbents and new entrants alike. Phase two builds on a successful first phase last year, where Shearwater’s modern acquisition technology and ION’s top tier imaging produced outstanding subsurface images that revealed fresh insights into this promising, underexplored UK province. ION is pleased to partner with Shearwater again on phase two, which, upon completion in mid-October, will increase the program survey area six-fold.
ION is employing digital technologies to acquire the survey in a more environmentally-conscious manner. Utilizing the Company’s Marlin™ and Orca® software, ION incorporated impacts from ocean currents into the survey design to maximize data collection efficiency during the short North Sea summer season while minimizing emissions. In addition, through the Company’s Marlin software, ION and Shearwater are collaborating with fisheries to minimize disruption to both operations by coordinating vessel and equipment movement. ION and Shearwater also support the industry’s Ghost Net initiative to create a healthier ocean environment by removing plastic and other marine debris.
“We are enthusiastic about starting the second phase of Mid North Sea High, which has been in the works for some time and will start contributing to our earnings this summer,” said Joe Gagliardi, Senior Vice President of ION’s Ventures group. “The UK remains an attractive area for investment with one of the highest global returns per barrel. Until recently, the Zechstein play had been largely overlooked because seismic technology wasn’t able to properly resolve this complex, variable play. This program demonstrates how new high quality data can illuminate and unlock the potential of promising new plays.”
To learn more, visit iongeo.com/MidNorthSeaHigh3D.
About ION
Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. Learn more at iongeo.com.
Contacts
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Mike Morrison, +1 281.879.3615
mike.morrison@iongeo.com
ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
rachel.white@iongeo.com
The information 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 information 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 the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; the ultimate benefits of our completed restructuring transactions; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission, including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.
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