ION completes Phase 1 of North Sea 3D multi-client program ahead of schedule

Rhea-AI Summary

ION Geophysical Corporation (NYSE: IO) has announced the successful and early acquisition of the initial phase of its North Sea 3D multi-client program. Covering approximately 11,000 sq km, this survey marks a strategic entry into a key area of the UK Continental Shelf, enabling completion by the end of the 2021 season. The region's recent play-opening wells have increased industry interest. The program has also expanded client potential due to additional acreage awarded.

Final deliverables are expected in April 2021, and the next phase is planned for summer 2021.

Positive

• Initial phase of North Sea 3D program acquired ahead of schedule.
• Potential to complete entire program by the end of 2021.
• Expansion of client base due to awarded additional acreage.
• Strategic entry into underexplored region of the UK Continental Shelf.

Negative

• None.

HOUSTON, Oct. 8, 2020 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced the initial phase of the Company's North Sea 3D multi-client program was acquired safely and ahead of schedule.  While the majority of the up to ~11,000 sq km industry-supported survey will be acquired next summer, this initial phase enables the Company to complete the entire program by the end of the 2021 season.  The Mid North Sea High program covers one of the last underexplored sections of the prolific UK Continental Shelf, and is now an area of industry focus following recent play-opening wells.  The existing infrastructure and proximity to the shore makes it attractive for future investment.  Since the program launched, additional acreage was awarded over the survey area, reinforcing the value of the asset and increasing the potential client base for our program.  Final deliverables will be available in April 2021.

"This program marks our entry into the North Sea and completes one of the company's top strategic objectives this year to enter the larger 3D new acquisition multi-client market," said Ken Williamson, Executive Vice President and Chief Operating Officer of ION's E&P Technology and Services group.  "On behalf of ION, I'd like to thank Shearwater for their partnership in the program.  We successfully acquired the most challenging shallow water section of the survey, where conflicts with other operations would have been more challenging in subsequent years.  Utilizing the Company's Marlin™ and Orca^® software, ION's Optimization Services team planned the project using an innovative digital methodology that incorporates impacts of ocean currents and nearby operations to make better decisions in real time.  This assured maximum data collection during the available 2020 season and more uniform subsurface coverage.  We are looking forward to the second phase next summer."

To learn more, visit iongeo.com/MidNorthSeaHigh3D.

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; 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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SOURCE ION Geophysical Corporation

FAQ

What is the significance of ION's North Sea 3D multi-client program?

ION's North Sea 3D multi-client program signifies its entry into a critical area of the UK Continental Shelf, focused on resource development.

When is the final deliverable for the North Sea program expected?

The final deliverables for the North Sea program are expected to be available in April 2021.

What are the implications of the North Sea survey for ION's business?

The North Sea survey enhances ION's market position, potentially increasing client engagement and revenue through new data offerings.

How much area does the North Sea 3D program cover?

The North Sea 3D multi-client program covers approximately 11,000 sq km.