ION Geophysical Corporation (NYSE: IO) has formed a multi-year strategic alliance with Polarcus to jointly develop, execute and market 3D multi-client seismic programs globally, the company reported in a news release.
The alliance will leverage the complementary strengths of the two companies to deliver a differentiated 3D multi-client offering to meet oil companies' growing demand for higher quality 3D seismic data. The alliance will utilize petroleum system insights into key basins derived from ION's 2D BasinSPANTM data library, to locate and design surveys that address specific geological challenges. The 3D multi-client surveys will be acquired using Polarcus' fleet of advanced, environmentally-friendly, high-performance seismic vessels and will incorporate an industry leading broadband solution combining Polarcus' RIGHTBANDTM acquisition and survey design methodology and ION's WiBandTM data processing technology.
Brian Hanson, ION's President and Chief Executive Officer, commented, "This alliance will provide us access to a world-class seismic fleet, consistent with our 'asset light' strategy, and will allow us to naturally leverage our 2D BasinSPANS, which have generated $1.4 billion in revenues to date, to create a new growth segment for ION in the lucrative 3D multi-client market."
Rolf Ronningen, Polarcus' Chief Executive Officer, commented, "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."
Source: ION Geophysical Corporation, 2013.