Thursday 1 April 2021

ION Geophysical Corporation (NYSE: IO) today announced that the Company has now finalized plans to launch the second phase of its North Sea 3D multi-client program, following on from Phase 1, which commenced in August 2020. The field data for this latest addition will be collected from approximately late April to mid-October. Located in a highly productive hydrocarbon province, the Mid North Sea High survey covers one of the few underexplored areas offshore the UK, which has garnered significant interest from recent play-opening wells with attractive development costs. Most of the ~11,000 sq km survey will be acquired this summer, covering an area six times larger than the initial phase. Since the program launched last August, additional underwriting was secured and additional acreage was awarded within the survey area, further validating the program’s merits and expanding the potential client base for this new data asset.

The combination of Shearwater’s modern acquisition technology and ION’s top tier imaging produced excellent subsurface images that have revealed new insights into this complex Zechstein play. Therefore, ION is pleased to have selected Shearwater GeoServices to return this year to acquire the data for the second phase. To maximize data collection during the short North Sea summer season, ION’s Optimization Services team will utilize the Company’s Marlin™ and Orca^® software that incorporate impacts from ocean currents and nearby operations to optimize decisions in real time. Final data for the first and second phases remains on track for delivery in Q2 2021 and Q2 2022, respectively.

“The Mid North Sea High program demonstrates continued execution of one of our top strategic objectives to participate in the 3D new acquisition multi-client market, and this larger second phase will be significantly more material and accretive to our earnings,” said Joe Gagliardi, Senior Vice President of ION’s Ventures group. “These surveys have solidified ION as a recognized 3D player in the industry, evidenced by the 3D multi-client tenders we have received and potential future 3D program conversations which are ongoing. The survey is much larger than any existing 3D data nearby, and in some cases is providing the first high resolution 3D images of the area, delivering important new geological insights to inform investment and development decisions for the entire play.”