ION awarded exclusive agreement for 3D multi-client programs offshore Kenya

Rhea-AI Summary

ION Geophysical Corporation (NYSE: IO) announced an exclusive agreement for 3D multi-client programs offshore Kenya, focusing on both new data acquisition and reimaging of existing data in the underexplored Lamu Basin.

This initiative aims to enhance understanding of the region's hydrocarbon potential, thereby attracting future investments. Joe Gagliardi, Senior VP of Ventures, emphasized ION's geographic exclusivity and experience, positioning Kenya as a key addition to their 3D strategy alongside initiatives in Mexico, Brazil, and Mauritania.

Positive

• Awarded exclusive agreement for 3D programs offshore Kenya, enhancing data acquisition capabilities.
• Focus on underexplored Lamu Basin may attract significant future investments.
• Geographic exclusivity enhances competitive positioning in seismic data market.

Negative

• None.

HOUSTON, April 08, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced that the Company was awarded an exclusive agreement for 3D multi-client programs offshore Kenya. The agreement includes both 3D new acquisition offshore the Lamu Basin and reimaging vintage data offshore Kenya. Offshore Kenya is an attractive area with a proven petroleum system; however, it has remained underexplored, in part due to lack of available 3D data. The final shape and size of new 3D programs will be dictated by client input and underwriting.

“We are pleased Kenya’s Ministry of Energy and Petroleum selected ION to increase the understanding and promote the hydrocarbon potential of these offshore resources to attract future investment,” said Joe Gagliardi, Senior Vice President of ION’s Ventures group. “The program will leverage our extensive data library and knowledge offshore Kenya and East Africa. In an increasingly competitive environment for seismic data, we have geographic exclusivity in a promising, underexploited geography to execute our 3D strategy, for both new acquisition and reimaging programs. Kenya represents a fourth significant opportunity to diversify our successful 3D reimaging, in addition to Mexico, Brazil and Mauritania.”

To learn more, visit iongeo.com/Kenya3D.

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; our ability to complete the Restructuring Transactions and other related matters in a timely manner, if at all; 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, and our Form S-1 and Form S-4, each filed on January 29, 2021, and amended on February 12, 2021 and March 3, 2021. 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.

FAQ

What new agreement did ION Geophysical Corporation announce?

ION announced an exclusive agreement for 3D multi-client programs offshore Kenya.

When was the exclusive agreement for offshore Kenya announced?

The agreement was announced on April 8, 2021.

What is the significance of the Lamu Basin for ION Geophysical?

The Lamu Basin is an underexplored area with potential hydrocarbon resources, making it a strategic focus for ION's new 3D programs.

How does ION plan to execute its strategy in Kenya?

ION plans to execute its strategy through new data acquisition and reimaging of vintage data, leveraging its extensive data library.

What other regions are included in ION's 3D strategy?

In addition to Kenya, ION's 3D strategy includes regions in Mexico, Brazil, and Mauritania.