ION Geophysical Corporation, a technology-focused company, provides geoscience technology, services and solutions to the oil and gas industry worldwide. The company’s offerings are designed to allow oil and gas exploration and production (E&P) companies to obtain higher resolution images of the earth’s subsurface during exploration, exploitation and production operations to reduce their risk in exploration and reservoir development. The company acquires and processes seismic data from seismic surveys in regional data programs, which then become part of multi-client data library. The seismic surveys for its data library business are pre-funded, or underwritten, in part by customers, and with the exception of ocean bottom seismic (OBS) data acquisition company, OceanGeo B.V. (OceanGeo), the company contracts with third party seismic data acquisition companies to shoot and acquire the seismic data. Segments The company provides services and products through four business segments – Solutions, Systems, Software, and Ocean Bottom Services. In addition, the company has a 49% ownership interest in INOVA Geophysical Equipment Limited joint venture (INOVA Geophysical or INOVA). Solutions This segment offers ventures, seismic data processing services, quantitative interpretation, and E&P advisory services. Ventures The company’s Ventures group provides seismic data services, from survey planning and design through data acquisition to final subsurface imaging and reservoir characterization. The company work backwards through the seismic workflow, with the final image in mind, to select the optimal survey design, acquisition technology, and processing techniques. The company offer sits services to customers on both a proprietary and multi-client (non-exclusive) basis. In both cases, the customers generally pre-fund a majority of the data acquisition costs. The majority of the data licensed by ION consists of ultra-deep two-dimensional (2-D) seismic data that E&P companies use to evaluate petroleum reservoirs at the basin level, including insights into the character of source rocks and sediments, migration pathways, and reservoir trapping mechanisms. In many cases, the company extends beyond seismic data to include magnetic, gravity, well log, and electromagnetic information, to provide a picture of the subsurface. Known as BasinSPAN programs, these geophysical surveys cover most major offshore basins worldwide. In addition to its 2-D multi-client programs, in 2013 the company acquired its first three-dimensional (3-D) marine proprietary program and signed a strategic agreement with Polarcus Limited, a marine geophysical company, to jointly plan and execute 3-D marine multi-client surveys worldwide, and in 2013, the company jointly acquired and processed its first 3-D survey offshore Ireland. For land applications, the company also has a library of 3-D onshore reservoir imaging and characterization programs that provide E&P companies with the ability to understand unconventional reservoirs to maximize production. Known as ResSCAN programs, these 3-D multicomponent seismic data programs were designed, acquired and depth-imaged using advanced geophysical technology and proprietary processing techniques, resulting in high-definition images of the subsurface. Seismic Data Processing Services The company’s Imaging Services group is a market participant in advanced marine, and land seismic data processing, imaging, and reservoir services. In addition to applying processing and imaging technologies to data owned or licensed by its customers, the company also provides its customers with seismic data acquisition support services, such as data pre-conditioning for imaging and quality control of seismic data acquisition. The company utilizes a globally distributed network of Linux-cluster processing centers in combination with its major hubs in Houston and London to process seismic data using advanced, proprietary algorithms and workflows. The company’s Imaging team has pioneered various differentiated processing and imaging solutions for both offshore and onshore environments including Reverse Time M
ion geophysical corp (IO:New York)
2105 CityWest Boulevard
Houston, TX 77042
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