HOUSTON and MOSCOW, April 16 /PRNewswire-FirstCall/ -- ION Geophysical Corporation (NYSE: IO), previously known as Input/Output, Inc., and LARGEO, a Moscow-based seismic data processing company, announced today the formation of an alliance to provide advanced imaging services for seismic data acquired in the Russian market. The alliance, known as LARGEO-ION, combines the technological strengths of ION's GX Technology (GXT) Imaging Solutions group with the local market knowledge and extensive regional processing experience of LARGEO to bring best-in-class imaging services to E&P firms operating in Russia.
HOUSTON and MOSCOW, April 16 /PRNewswire-FirstCall/ — ION Geophysical Corporation (NYSE: IO), previously known as Input/Output, Inc., and LARGEO, a Moscow-based seismic data processing company, announced today the formation of an alliance to provide advanced imaging services for seismic data acquired in the Russian market. The alliance, known as LARGEO-ION, combines the technological strengths of ION's GX Technology (GXT) Imaging Solutions group with the local market knowledge and extensive regional processing experience of LARGEO to bring best-in-class imaging services to E&P firms operating in Russia.
LARGEO General Director, Andrey Elistratov, stated, "Since our inception in 2004, LARGEO has rapidly gained a presence in the highly competitive Russian market by focusing on technical excellence and responsive service, which allows us to tackle the most complex imaging projects in Russia. Our alliance with ION's GXT group brings together two market leaders and reinforces our commitment to closely align our resources with the needs of our customers."
Nick Bernitsas, Senior Vice President of ION GXT Imaging Solutions, commented, "We believe our collective processing experience, advanced technology, market knowledge and personnel will allow LARGEO-ION to deliver the highest quality seismic imaging with reduced turnaround time. The opening of this Russian processing center marks a key milestone in the global expansion of GXT's data processing services."
Located in Moscow, the LARGEO-ION Imaging Center will deliver a broad range of advanced seismic data processing services with an initial focus on data acquired in the marine environment. The broad scope of imaging services includes: pre-stack depth and time migration, reverse time migration, azimuthal velocity analysis, full-wave imaging, AVO and inversion, velocity modeling, and data conditioning. It is expected that the center will later be expanded to process data acquired onshore, including seismic datasets that require state-of-the-art, high-density, wide-azimuth, full-wave imaging. The Moscow processing center has been outfitted with the latest Linux-based server hardware and advanced data processing technology provided by ION. The center will be staffed principally by LARGEO geophysicists who have been trained by GX Technology at other geophysical service centers around the world.
Alexandre Yakovlev, LARGEO General Manager offered, "The alliance between our two companies will create one of the most powerful seismic data processing centers in Russia. We believe LARGEO-ION will be capable of delivering the highest quality seismic images and will allow our E&P customers to rapidly take advantage of the latest data processing innovations such as reverse time migration and full-wave imaging."
TengBeng Koid, EVP of Global Business Development at ION, commented, "ION has had a long presence in Russia, the world's second largest oil producer and largest holder of proven natural gas reserves. Many Russian geophysical contractors are equipped with ION's VectorSeis(R) sensors that are well suited for acquiring full-wave data in challenging environments both offshore and onshore. We are delighted to be working with LARGEO to offer advanced seismic data processing services, including full-wave imaging techniques, to our customers."
ION is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION's offerings allow E&P operators to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and enable seismic contractors to acquire geophysical data more efficiently. Additional information about ION is available at http://www.iongeo.com.
LARGEO LLC, a Moscow-based seismic data processing company, provides data processing and interpretation services to the oil & gas exploration industry. The company utilizes the latest industry standard software and computer hardware to apply seismic processing techniques to land, transition zone, and marine seismic data. Additional information about LARGEO is available at http://www.largeo.com/services_eng.html
The information included herein contains 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. Actual results may vary fundamentally 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 risk factors that are disclosed by ION from time to time in its filings with the Securities and Exchange Commission.
Contacts ION (Financial community) Chief Financial Officer Brian Hanson, +1 281.879.3672 ION (Media affairs) Director – Corporate Marketing Kelly Kline, +1 281.879.3593 email@example.com
SOURCE ION Geophysical Corporation