ION awarded first proprietary commercial deployment of Gemini for Super Major
ION Geophysical Corporation (NYSE: IO) announced its first commercial deployment of the Gemini™ extended frequency source technology, expected to start in January 2021. This technology, which enhances subsurface imaging and supports novel acquisition methodologies, received interest from multiple energy companies following its commercialization in September. Gemini aims to improve operational efficiency while reducing environmental impact, demonstrating broader market applicability as ION expands its capacity and seeks regulatory approvals in more jurisdictions.
- First commercial deployment of Gemini™ technology expected to start in January 2021.
- Increased interest from energy companies, indicating strong market demand.
- Gemini technology enhances subsurface imaging and operational efficiency.
- Lower environmental impact thanks to improved frequency management.
- None.
HOUSTON, Jan. 04, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced the first proprietary commercial deployment of the Company’s Gemini™ extended frequency source technology for a Super Major. Following the technology’s commercialization in September, energy companies have specified Gemini in a number of proprietary tenders, the first of which is expected to begin in January. Gemini uniquely supports the industry’s shift to increasingly novel acquisition methodologies for enhanced subsurface imaging and decision-making across the E&P life cycle.
Since its development, the technology has demonstrated broader functionality and appeal, expanding its market applicability. For example, in this long offset 3D towed streamer survey, Gemini’s broad source spectrum will improve subsurface characterization of a moderately complex geologic area with greater operational efficiency and considerably less environmental impact. The innovative source significantly extends low frequencies, while limiting higher frequencies to a more ecologically friendly range.
“This award demonstrates the value of our innovative Gemini technology to help energy companies optimize exploration and development decisions for the most promising prospects in their portfolios,” said Ken Williamson, Executive Vice President and Chief Operating Officer of ION’s E&P Technology and Services group. “The sector is rapidly adopting creative acquisition techniques to enhance image quality in both towed streamer and seabed surveys. Gemini is proving to be an integral enabling technology that efficiently supports substantially improved data quality and lower environmental impact desired by the industry. This project also expands the geographies in which permits have been issued, further validating the technology’s environmental credentials and ease of permitting. In order to meet market demand, we are rapidly expanding our capacity and seeking regulatory approval in additional jurisdictions.”
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 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, 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.
