HOUSTON - June 13, 2018 - ION Geophysical Corporation (NYSE: IO) and NORSAR today announced the completion of a joint marketing agreement and joint software development to optimize survey design.
After exploring integration opportunities across their respective offerings, customers validated the value of streamlining workflows across both popular software packages. This collaboration led to the creation of an easy-to-use interface to transfer ION’s industry-leading MESA survey designs into NORSAR’s world-class seismic modeling software.
The new workflow will save users significant amounts of time and increase confidence that the survey is properly designed to image a given prospect. In addition, the iterative nature of the new interface will aid decision-making by encouraging more testing and refining of design parameters. The interface is available in latest versions of MESA and NORSAR-3D.
“When we started evaluating the possibilities, the value of integrating these two industry-leading platforms was obvious to us and our clients,” commented Chris Usher, EVP & Chief Operating Officer of ION's Operations Optimization group. “The easy-to-use interface benefits our customers without the cost or delay of building out these additional capabilities ourselves.”
“We are excited about the integration, which provides access to a comprehensive acquisition design and modeling platform,” said Arve E. Mjelva, Deputy Managing Director and SVP, Seismic Modeling in NORSAR. “The seamless integration of the two products bridges the gap between design and modeling, reducing turnaround time and costs for projects.”
ION develops and leverages innovative technologies, creating value through data capture, analysis and optimization to enhance critical decision-making, enabling superior returns. For more information, visit iongeo.com.
NORSAR is an internationally recognized, independent, not-for-profit, research foundation within the field of geoscience. Our core competencies are seismology and applied geophysics, and related software development. For more information, visit www.norsar.no.
ION (Investor relations)
Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
ION (Media relations)
Vice President, Communications
Rachel White, +1 281.781.1168
Deputy Managing Director and SVP, Seismic Modeling
Arve E. Mjelva, +47 6380 5900
The information 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 information 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 the risks associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased demand; changes in oil prices; and political, execution, regulatory, and currency risks. These risks and uncertainties also include risks associated with the WesternGeco litigation and other related proceedings. We cannot predict the outcome of this litigation or the related proceedings. For additional information regarding these various risks and uncertainties, including the WesternGeco litigation, see our Form 10-K for the year ended December 31, 2017, filed on February 8, 2018. Additional risk factors, which could affect actual results, are disclosed by the Company in its fillings with the Securities and Exchange Commission ("SEC"), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.