ION Geophysical Corp
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Energy : Energy Equipment & Services | Small Cap Value
Company profile

ION Geophysical Corporation is a technology-focused company. It provides geophysical technology, services and solutions to the global oil and gas industry. Its offerings are designed to enable oil and gas exploration and production (E&P) companies to obtain images of the Earth's subsurface. It offers services and products through three segments: E&P Technology & Services, E&P Operations Optimization, and Ocean Bottom Services. E&P Technology & Services provides services and products for complex and hard-to-image geologies, such as deepwater subsalt formations in the Gulf of Mexico and offshore East and West Africa and Brazil; unconventional reservoirs, such as those found onshore in shale, tight gas and oil sands formations, and offshore basin-wide seismic data and imaging programs. E&P Operations Optimization combines its Optimization Software and Services and Devices offerings. Ocean Bottom Services consists of OceanGeo, an ocean bottom data acquisition services company.

Closing Price
$1.56
Day's Change
0.01 (0.65%)
Bid
--
Ask
--
B/A Size
--
Day's High
1.59
Day's Low
1.54
Volume
(Light)
Volume:
103,100

10-day average volume:
683,829
103,100

ION commercializes Gemini extended frequency source technology

7:00 am ET September 23, 2020 (PR Newswire) Print

ION Geophysical Corporation (NYSE: IO) today announced the commercialization of its proprietary Gemini(TM) extended frequency source technology following a successful survey deployment in the Gulf of Mexico. Developed with support from an E&P operator, the new source technology addresses industry demand for increased geophysical fidelity in complex geologies while satisfying both improved operational and environmental performance. Gemini is flexible across both seabed and towed streamer data acquisition platforms and is immediately available as a plug-in component to existing source infrastructure.

Even in the current market, some of the most attractive E&P investment areas for appraisal, development and near-field exploration are amidst the world's most complex geological settings where more accurate imaging is essential for cost effective oil and gas extraction. Gemini uniquely provides a broad source spectrum significantly richer in low frequencies with a considerably reduced environmental impact. Low frequencies support more accurate geological models and imaging by driving improved performance and automation of Full Waveform Inversion workflows.

"This product is designed for a market where significant capex is still flowing, and where our customers need to de-risk decisions innovatively and cost-effectively," said Ken Williamson, Executive Vice President and Chief Operating Officer of ION's E&P Technology and Services group. "We have been delighted with E&P customer support during Gemini's development and their advocacy now for rapid industry adoption to address challenging prospects in their portfolios. This important ingredient to enhancing subsurface knowledge differentiates ION as we expand into the larger 3D multi-client new acquisition market while maintaining our asset light approach. Our patent-pending design has been approved by the environmental permitting authorities in the US and the UK, and based on these approvals, we expect permit timing in other jurisdictions to be equivalent to that of a conventional source array."

To learn more, visit iongeo.com/Gemini.

About ION

Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy, ports and defense industries, enabling clients to optimize operations and deliver superior returns. Learn more at iongeo.com.

Contacts

ION (Investor relations)

Executive Vice President and Chief Financial OfficerMike Morrison, +1 281.879.3615 mike.morrison@iongeo.com

ION (Media relations)

Vice President, CommunicationsRachel White, +1 281.781.1168rachel.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; 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, 2019, filed on February 6, 2020. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission ("SEC"), 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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View original content:http://www.prnewswire.com/news-releases/ion-commercializes-gemini-extended-frequency-source-technology-301136340.html

SOURCE ION Geophysical Corporation

https://rt.prnewswire.com/rt.gif?NewsItemId=DA33865&Transmission_Id=202009230700PR_NEWS_USPR_____DA33865&DateId=20200923

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