ION Geophysical Corporation (NYSE:IO) announced that its seismic imaging subsidiary, GX Technology (GXT), has signed an agreement with The Polarcus Group of Companies (Polarcus) for the provision of seismic data processing services. This agreement includes onboard quality control (QC), onboard processing, and land-based data processing (DP) services. The agreement calls for GXT to provide hardware, software and geophysicists in order to support a seismic project's entire imaging lifecycle, from the vessel to an onshore data processing center.
Nick Bernitsas, Senior Vice President of ION's GXT Imaging Solutions division, commented, "Many marine seismic contracts tendered by oil & gas companies specify that both acquisition and data processing services be delivered within a single contract structure. The arrangement that we agreed to will allow GXT to quality control and, where required, to pre-process all seismic data acquired on-board the Polarcus vessels and to be the exclusive 'behind-the-boat' processing partner for advanced imaging services specified in full-scope contract awards. This is GXT's first arrangement of this type. It leverages our existing geophysical technology to provide us with an additional source of revenue moving forward. We are delighted to have been selected by Polarcus as their data processing services partner."
Polarcus is a new entrant in the marine seismic market with plans to launch six state-of-the-art towed streamer vessels, with the first boat launching in the third-quarter of 2009. GXT has a worldwide footprint through both company-owned and joint venture processing centers and the global experience base needed to support the Polarcus vessels in all marine acquisition settings.
The information included herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may vary fundamentally from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include risk factors that are disclosed by ION from time to time in its filings with the Securities and Exchange Commission.