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ION and PGS renew fleet-wide agreement for Orca command and control software

HOUSTON, June 12, 2017 /PRNewswire/ -- ION Geophysical Corporation (NYSE: IO) and Petroleum Geo-Services (PGS) today announced a joint agreement for ION to continue supplying Orca® software to PGS' fleet for another five years.  This contract extends the parties' technology partnership in marine command and control solutions to over 30 years. 

Orca seamlessly integrates and manages data and workflows for seismic data acquisition, enabling geophysical service providers to control operations in the most safe, efficient manner in increasingly diverse modes of acquisition.  The system streamlines visibility and control to powerfully execute challenging geometries and multi-vessel operations while delivering simple, efficient processes for 2D, 3D and 4D acquisition.  Orca's automated workflows are designed to significantly improve seismic operational efficiency through reduced downtime, minimal infill, lower costs, and shorter cycle time.

"PGS remains committed to being the technology leader in marine seismic acquisition," stated Per Arild Reksnes, EVP of Operations at PGS. "We have been using Orca for many years and the quality of the product and customer service provided by ION is important to our operations.  PGS' major advances in offshore seismic acquisition technology have been well supported by corresponding developments in the Orca platform, including interfaces to our proprietary GeoStreamer marine seismic system.  A new, long-term agreement requires cooperation on a robust product roadmap, and we are pleased that Orca will support PGS' unique vision for the future."

"We're pleased to continue our long-standing collaboration with PGS on our industry's leading platform for command and control, which continues to enable improvements in both safety, precision and efficiency across the marine seismic acquisition workflow," said Chris Usher, EVP of ION's E&P Operations Optimization group.  "This deal secures our market leadership, and is a foundation for working with a leader in marine seismic acquisition to extend the value of the Orca solution from ship to shore and to comprehend multiple simultaneous operations within the survey area."

To learn more, visit iongeo.com/Orca.

About ION

ION is a leading provider of technology-driven solutions to the global oil and gas industry. ION's offerings are designed to help companies reduce risk and optimize assets throughout the E&P lifecycle. For more information, visit iongeo.com.

About PGS

Petroleum Geo-Services (PGS) is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company's MultiClient data library is among the largest in the seismic industry, with modern 3D coverage in all significant offshore hydrocarbon provinces of the world.  For more information on Petroleum Geo-Services, visit www.pgs.com.

Contacts

ION (Investor relations)

Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
steve.bate@iongeo.com

ION (Media relations)

Vice President, Communications
Rachel White, +1 281.781.1168
rachel.white@iongeo.com

PGS

Vice President IR & Corporate Communications
Bård Stenberg, +47 992 45 235
bard.stenberg@pgs.com   

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 risks associated with the timing and development of the Company's products and services, the competitiveness of offers, pricing pressure, decreased demand, and changes in oil prices; and political, execution, regulatory, and currency risks. 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-Q and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ion-and-pgs-renew-fleet-wide-agreement-for-orca-command-and-control-software-300471713.html

SOURCE ION Geophysical Corporation