Polarcus Limited (“Polarcus” or the “Company”) announces that the Company has entered into a three year agreement with ION Geophysical Corporation (“ION”) to jointly develop, execute, and market 3D marine multi-client projects to E&P companies worldwide.
The agreement combines Polarcus’ proven expertise in the 3D multi-client space with that of ION’s GeoVentures group’s expertise in delivering geologically-driven, basin-scale 2D multi-client surveys. The collaboration will leverage the expert resources and established third party relationships of both companies, and utilize ION’s BasinSPAN(TM) data library of over 450,000 kilometers to identify new project opportunities worldwide. Further, the combination of Polarcus’ RIGHTBAND(TM) acquisition proposition and ION’s WiBand(TM) data processing technology behind the Company’s fleet of advanced, high performance 3D seismic vessels will offer the industry leading edge multi-client data imaging.
Commenting on the agreement, Rolf Ronningen, CEO Polarcus said: “We are confident that this collaboration will bring value to our clients through the delivery of the highest quality multi-client projects, optimally designed to improve the understanding of the sub-surface geology. Specifically for Polarcus it will enable us to expand our 3D multi-client footprint, utilizing the combined resources and assets of Polarcus and ION to ensure we make the right project choices, and further provide additional stability and flexibility to our vessel scheduling across the globe.”
Press Release, July 26, 2013