Key Developments: Ion Geophysical Corp (IO)

IO on New York Consolidated

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17 Apr 2014
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Latest Key Developments (Source: Significant Developments)

ION Geophysical Corp announces change of accounting firm - Form 8-K
Thursday, 20 Mar 2014 05:06pm EDT 

ION Geophysical Corp:Dismissed Ernst & Young LLP as the independent registered public accounting firm for the year ended Dec. 31.Engaged Grant Thornton LLP as the new independent registered public accounting.  Full Article

Ion Geophysical Corp announces increased ownership in OceanGeo joint venture for Ocean Bottom Seismic acquisition
Wednesday, 29 Jan 2014 04:55pm EST 

Ion Geophysical Corp:Says it has increased its ownership interest in OceanGeo B.V., a geophysical company specializing in multicomponent ocean bottom seismic acquisition.Says it now owns 70 pct of OceanGeo, up from the 30 pct the company acquired in February 2013.Says Formerly known as GeoRXT, OceanGeo is owned by ION and Georadar Levantamentos Geofisicos S/A.  Full Article

ION Geophysical Corporation's joint venture sells Hawk Nodal System to Paragon Geophysical
Thursday, 5 Dec 2013 09:01am EST 

INOVA Geophysical Equipment Limited:Says Paragon Geophysical Services, Inc has purchased 9,000 channels of its Hawk nodal seismic acquisition system.Says Paragon has already deployed several thousand channels on an acquisition project in northwestern Montana.Says Hawk will be utilized with Paragon's existing VectorSeis digital sensors to acquire multicomponent data.Says Hawk will be utilized with Paragon's existing VectorSeis digital sensors to acquire multicomponent data.  Full Article

Ion Geophysical Corp Announces Strategic Alliance With Polarcus For Multi-Client Seismic
Friday, 26 Jul 2013 02:00am EDT 

Ion Geophysical Corp announced that it has formed a multi-year strategic alliance with Polarcus to jointly develop, execute and market 3D multi-client seismic programs globally. 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 seismic vessels and will incorporate a broadband solution combining Polarcus' RIGHTBAND acquisition and survey design methodology and ION's WiBandTM data processing technology.  Full Article

Ion Geophysical Corp Opens New Seismic Data Processing Center In Perth, Australia
Tuesday, 23 Jul 2013 04:15pm EDT 

Ion Geophysical Corp announced that it has established a GX Technology (GXT) seismic data processing center in Perth, to serve the needs of oil & gas companies in Australia and throughout the Asia-Pacific region. The center will officially open on July 24, 2013.  Full Article

Ion Geophysical Corp Announces Pricing Of $175 Million Private Offering Of Senior Secured Second Lien Notes Due 2018
Wednesday, 8 May 2013 04:05pm EDT 

Ion Geophysical Corp announced that it has priced its offering of $175 million aggregate principal amount of its senior secured second lien notes due 2018. The notes will carry a coupon interest rate of 8.125%. The Company intends to use the net proceeds from the offering to repay existing debt and for general corporate purposes, including for potential additional capital contributions to the Company's GeoRXT seabed seismic joint venture, thus improving its financial flexibility. The Company's obligations under the notes will be guaranteed by certain of its domestic subsidiaries. The offering is expected to close on or about May 13, 2013, subject to the satisfaction of customary closing conditions.  Full Article

Ion Geophysical Corp Announces Offering Of $175 Million Of Senior Secured Second Lien Notes Due 2018
Wednesday, 1 May 2013 06:45am EDT 

Ion Geophysical Corp announced that it intends to commence, subject to customary conditions, an offering of up to $175 million aggregate principal amount of its senior secured second lien notes due 2018. The Company intends to use net proceeds from the sale of the notes to repay existing debt and for general corporate purposes, including for potential additional capital contributions to the Company's GeoRXT seabed seismic joint venture, thus improving its financial flexibility. The Company's obligations under the notes will be guaranteed by certain of its domestic subsidiaries.  Full Article

Reservoir Exploration Technology ASA Sells Stake in GeoRXT to Ion Geophysical Corp's Subsidiary
Wednesday, 6 Feb 2013 04:50pm EST 

Reservoir Exploration Technology ASA announced that it is to sell a 30% shareholding in GeoRXT B.V. to ION International S.a.r.l (ION), a subsidiary of Ion Geophysical Corp. The consideration for the GeoRXT shares shall be USD 4 million. ION shall pay USD 1.5 million in cash to RXT. Further, ION shall let RXT use certain seismic cables delivered under an agreement with ION from April 2012 until completion of certain projects, but until no later than June 30, 2013. The use of the cables is valued to USD 2.5 million, and this value forms part of the contribution to be settled by ION for the shares in GeoRXT. The GeoRXT shares will be transferred to ION as soon as possible. Effective upon the share transfer, ION will pay the USD 1.5 million cash amount to RXT. The shares in GeoRXT had a book value of USD 5.5 million as of September 30, 2012, and RXT expects to record a net loss on the transaction of USD 1.5 million.  Full Article

Ion Geophysical Corp Announces Retirement of Executive Chairman
Friday, 4 Jan 2013 09:00am EST 

Ion Geophysical Corp announced that on December 31, 2012, Robert P. Peebler retired as Executive Chairman of its Board of Directors, and ION Board member James M. Jay Lapeyre, Jr. became ION's Chairman of the Board. Mr. Peebler served as the Company's President and CEO from 2003 until January 1, 2012, when R. Brian Hanson become the company's President and CEO and Mr. Peebler transitioned to Executive Chairman. Mr. Peebler will continue to serve ION as a consultant to the Company and its Board of Directors.  Full Article

Ion Geophysical Corp Announces Jury Verdict in WesternGeco Patent Infringement Lawsuit
Thursday, 16 Aug 2012 07:59pm EDT 

Ion Geophysical Corp announced the jury returned a verdict against ION in a patent infringement lawsuit filed against ION by WesternGeco L.L.C. in the United States District Court for the Southern District of Texas. As previously disclosed by the Company, WesternGeco filed the lawsuit, styled WesternGeco L.L.C. v. ION Geophysical Corporation, in June 2009, alleging that ION's DigiFIN lateral streamer control system infringed several method and apparatus claims contained in four WesternGeco U.S. patents regarding control systems for marine seismic streamer steering devices. The jury found that ION willfully infringed the claims contained in WesternGeco's patents and awarded WesternGeco the sum of $105.9 million in damages, consisting of $12.5 million in reasonable royalty and $93.4 million in lost profits. A judgment has not yet been entered in the case. ION will be taking immediate steps to pursue all available legal options to overturn the verdict, including post-verdict motions and appeals.  Full Article

UPDATE 2-Apache Q4 profit misses estimates as output down sharply

Feb 13 - U.S. oil and gas company Apache Corp on Thursday reported a bigger-than-expected decline in fourth-quarter profit as its output fell sharply on asset sales and a frigid winter in the United States.

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