|By PR Newswire||
|January 29, 2014 04:55 PM EST||
HOUSTON, Jan. 29, 2014 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) today announced that it has increased its ownership interest in OceanGeo B.V., a geophysical company specializing in multicomponent ocean bottom seismic acquisition. ION now owns 70% of OceanGeo, up from the 30% the Company acquired in February 2013. Formerly known as GeoRXT, OceanGeo is owned by ION and Georadar Levantamentos Geofisicos S/A.
OceanGeo was awarded a 510 square km ocean bottom 3D seismic survey offshore Trinidad for Petroleum Company of Trinidad and Tobago Limited (Petrotrin). Work commenced in December 2013 and is expected to be complete in April or May 2014.
Brian Hanson, ION's President and CEO, commented, "Our ownership increase in OceanGeo is a key milestone in executing our strategic shift from being a seismic equipment company to leveraging our technologies to provide higher-value solutions directly to E&P companies. Through OceanGeo, we will be putting our next generation, industry leading CalypsoTM ocean bottom seismic acquisition system to work in a service model.
"The ocean bottom seismic market has grown tremendously over the past six years, and we see this trend continuing as oil and gas companies seek higher quality seismic data to better locate wells and manage their reservoirs. OceanGeo provides a full suite of ocean bottom seismic services, including survey design, planning, optimization, data acquisition, geophysical QC and, through ION, can provide data processing, interpretation, and reservoir services."
Celso Magalhaes, Georadar's Chairman of the Board, added, "We are pleased to partner with ION to bring to the growing seabed seismic market the most advanced ocean bottom seismic acquisition services in the industry. While we have a new name and new ownership, we have a proven track record of successfully acquiring ocean bottom seismic data, safely and efficiently, with over five years of operation offshore Brazil. Now we bring that expertise to the global marketplace."
ION has scheduled a conference call for Thursday, January 30, 2014 at 11 AM Eastern Time / 10 AM Central Time. Interested parties may participate by dialing 866-225-8754 and asking for the ION call a few minutes prior to start time. For those who cannot listen to the live call, a telephone replay will be available through February 13, 2014 and may be accessed by calling 800-406-7325 using passcode 4666023#. A replay of the call will also be available on the Company's website at http://investorrelations.i-o.com for approximately 12 months.
Headquartered in Houston and Rio de Janeiro, OceanGeo is led by Colin Hulme, Chief Executive Officer, formerly ION Senior Vice President.
To learn more about OceanGeo, visit oceangeo.co.
ION Geophysical Corporation is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION's offerings are designed to allow E&P companies to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and to enable seismic contractors to acquire geophysical data safely and efficiently. Additional information about ION is available at iongeo.com.
A Brazilian company, Georadar specializes in the provision of onshore and offshore services for geophysical surveying, environmental diagnosis and geotechnical data collection for the petroleum and mining industries.
ION (Investor relations)
Senior Vice President and Chief Financial Officer
ION (Media relations)
Vice President - Corporate Marketing & Communications
Georadar (Investor relations)
Chief Financial Officer
+55 31 2104-7171
Georadar (Media relations)
Karem Cybele Zeca
+55 21 3194-7400
Chief Executive Officer
The information included herein contains certain 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. These forward-looking statements may include benefits expected to result from the joint venture and other statements that are not of historical fact. Actual results may vary materially 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 risks associated with known and unknown liabilities related to the OceanGeo business; risks of integration and operation of the OceanGeo business; and risks that sources of capital may not prove adequate. Additional risk factors, which could affect actual results, are disclosed by the Company from time to time in its filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K for the year ended December 31, 2012 and its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed during 2013.
SOURCE ION Geophysical Corporation
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 29, 2015 10:00 AM EST Reads: 193
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Nov. 29, 2015 09:45 AM EST Reads: 448
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Nov. 29, 2015 09:15 AM EST Reads: 340
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 29, 2015 08:45 AM EST Reads: 211
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Nov. 29, 2015 08:00 AM EST Reads: 265
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
Nov. 29, 2015 07:00 AM EST Reads: 493
Continuous processes around the development and deployment of applications are both impacted by -- and a benefit to -- the Internet of Things trend. To help better understand the relationship between DevOps and a plethora of new end-devices and data please welcome Gary Gruver, consultant, author and a former IT executive who has led many large-scale IT transformation projects, and John Jeremiah, Technology Evangelist at Hewlett Packard Enterprise (HPE), on Twitter at @j_jeremiah. The discussion...
Nov. 29, 2015 06:45 AM EST Reads: 739
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Nov. 29, 2015 06:00 AM EST Reads: 373
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
Nov. 29, 2015 06:00 AM EST Reads: 552
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem"...
Nov. 29, 2015 05:00 AM EST Reads: 459
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound...
Nov. 29, 2015 04:30 AM EST Reads: 483
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application del...
Nov. 29, 2015 04:00 AM EST Reads: 376
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNu...
Nov. 29, 2015 03:00 AM EST Reads: 338
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, San...
Nov. 29, 2015 03:00 AM EST Reads: 595
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user e...
Nov. 29, 2015 02:45 AM EST Reads: 423