ION Geophysical Corp. (NYSE: IO) has entered into an agreement to increase to 100% its ownership of ocean bottom seismic (OBS) acquisition company OceanGeo BV. ION acquired 30% of OceanGeo in February 2013 and increased its ownership to 70% in January.
OceanGeo was recently awarded a substantial survey offshore West Africa for an international oil company, having recently completed a 540-square-kilometer (208-square-mile) survey offshore Trinidad for Petroleum Co. of Trinidad and Tobago Ltd (Petrotrin).
Brian Hanson, ION's president and CEO, said, “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 and is in keeping with our strategy of leveraging our key technologies, such as our Calypso next-generation VSO acquisition system, to deliver solutions to oil and gas companies.”
Hanson noted that, with the addition of OceanGeo services, ION now offers a fully integrated OBS solution that includes survey planning and design, data acquisition using Calypso, as well as data processing, interpretation, and reservoir services through its GX Technology group.