GX Technology Agreement With Polarcus

Tuesday, March 10, 2009

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.

(www.iongeo.com)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Diana Charters Out Two Bulkers

Diana Shipping Inc. today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Bunge S.A., Geneva, for one of its Panamax dry bulk vessels,

Haven Marine Signs Service Contract with Svitzer

Haven Marine Services informs it has signed a five year contract with Svitzer which will see the yard service the requirements of Svitzer’s vessels within the Bristol Channel and Irish Sea areas.

Portugal PM Warns Lisbon Dock Workers to End Strike

Portugal's prime minister warned Lisbon dock workers on Friday that his patience was running out after a strike that has lasted a month, paralysing the city's ports.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0599 sec (17 req/sec)