ION Geophysical acquires OceanGeo ocean bottom seismic
HOUSTON -- ION Geophysical has entered into an agreement to increase to 100% its ownership of ocean bottom seismic (OBS) acquisition company OceanGeo B.V. ION acquired 30% of OceanGeo in February 2013 and increased its ownership to 70% in January 2014.
In a related development, OceanGeo was recently awarded a substantial survey offshore West Africa for an international oil company, having recently completed a 540 square km survey offshore Trinidad for Petroleum Company of Trinidad and Tobago Limited (Petrotrin), on time, on budget and with no QHSE incidents.
Brian Hanson, ION' s President and CEO, commented, "The OBS segment is the fastest-growing seismic market segment today, commanding an estimated 13% of E&P company marine seismic spend, up from about 6% in 2006. Our increase in ownership of OceanGeo is indicative of our full commitment to the OBS market."