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Last $1.34 USD
Change Today +0.13 / 10.74%
Volume 2.2M
IO On Other Exchanges
Symbol
Exchange
New York
As of 8:04 PM 07/2/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

2105 CityWest Boulevard

Suite 400

Houston, TX 77042

United States

Phone: 281-933-3339

Fax:

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. The Ocean Bottom Services segment comprises OceanGeo, in which the company increased its ownership from 30% to 100% in 2014. In addition, the company has a 49% ownership interest in INOVA Geophysical Equipment Limited joint venture (INOVA Geophysical or INOVA). Services and Products Solutions segment The Solutions segment includes the following: GeoVentures — The company’s GeoVentures group provides complete seismic data services, from survey planning and design through data acquisition to final subsurface imaging and reservoir characterization. The company works backwards through the seismic workflow, with the final image in mind, to select the optimal survey design, acquisition technology, and processing techniques. The company offers its 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. For proprietary services, the customer also pays for the imaging and processing, but has exclusive ownership of the data after it has been processed. The majority of the data licensed by GeoVentures consists of ultra-deep 2-D seismic data that E&P companies use to evaluate petroleum systems 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 more comprehensive picture of the subsurface. Known as ‘BasinSPAN’ programs, these geophysical surveys cover most major offshore basins worldwide and we’re continuing to build on them. In addition to its 2-D multi-client programs, the company acquired its first 3-D marine proprietary program and signed a strategic agreement with Polarcus Limited, a marine geophysical company, to jointly plan and executes 3-D marine multi-client surveys worldwide. For land applications, the company also develops 3-D onshore reservoir imaging and characterization programs to 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 are 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 GX Technology (GXT) group participates in advanced land, and marine seismic data processing, imaging, and reservoir services. In 2014, the company introduced PrecisION, a compressed seismic inversion technique that is designed to build Earth reconstructions with improved accuracy and aid geoscientists in quantifying exploration and development risk and uncertainty. Quantitative Interpretation — The GXT group also offers solutions ‘downstream’ of seismic data processing workflows that enable E&P companies to develop their reservoirs and increase production. This is accomplished by integrating geophysical, geological, petrophysical and roc

 

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