ION Geophysical acquires OceanGeo ocean bottom seismic

6/16/2014

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."

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