ION finalizes OceanGeo acquisition

In February 2013, ION acquired 30% of OceanGeo, then increased its ownership to 70% in January 2014. [Story here: ION takes majority stake in OceanGeo, 29 Jan 2014]

OceanGeo provides a full suite of ocean bottom seismic services, including survey design, planning, and optimization, data acquisition, geophysical QC and, through ION, data processing, interpretation, and reservoir services, with headquarters in Houston and Rio de Janeiro.

OceanGeo was recently awarded a substantial survey offshore the Republic of Congo, West Africa for Europe-based international oil company, announced 16 June. The company expects to begin acquistion in Q3 2014.

Colin Hulme, OceanGeo’ s Chief Executive Officer, commented, “OceanGeo has a proven track record of successfully acqui ing ocean bottom seismic data, safely and efficiently . Since 2008 , our crew has been operating offshore Brazil and Trinidad & Tobago, delivering superior reservoir understanding for our E&P clients. This award is in keeping with our strategy of deploying our crew into the West African region.  With the full support of ION , we are well positioned to compete and thrive in the growing ocean bottom seismic market and are truly excited about our future.”

Brian Hanson, ION's President and CEO, commented, "The OBS segment is the fastest-growing seismic market segment today, commanding an estimated 13% of E&P company marine seismic spend, up from about 6% in 2006. Our increase in ownership of OceanGeo is indicative of our full commitment to the OBS market and is in keeping with our strategy of leveraging our key technologies, such as our Calypso next-generation VSO acquisition system, to deliver solutions to oil & gas companies. With the addition of OceanGeo services, we now offer a fully-integrated OBS solution that includes survey planning and design, data acquisition using Calypso, and data processing, interpretation and reservoir services through our GX Technology group. An integrated solution means efficient, seamless delivery of these technologies, services and expertise to oil and gas companies seeking higher quality OBS data for reservoir development and production."

Terms of the acquisition have not been disclosed.