Offshore staff
OSLO, Norway — TGS and Sercel have been named a successful bidder for certain assets owned by ION Geophysical.
The auction process is connected to ION’s bankruptcy case pending in the US Bankruptcy Court for the Southern District of Texas.
TGS will acquire assets related to ION’s E&P Technology and Services business, including its global offshore multiclient data library, data processing and imaging capabilities, and intellectual property.
The data library comprises more than 637,000 km of 2D and over 317,000 sq km of 3D multiclient seismic data in various offshore petroleum provinces, with associated revenues last year of more than $86 million.
TGS intends to retain numerous employees at these businesses. The transaction should close in the current quarter, subject to approvals.
TGS CEO Kristian Johansen said, “With the recently announced offer for Magseis Fairfield’s OBN business and a further strengthening of our data library and processing capabilities from the acquisition of the ION EPTS businesses, TGS is taking active steps to consolidate the geophysical industry in line with our strategy to create a stronger and more viable industry.
“As a result, we are now uniquely positioned in the traditional multiclient business, converted contracts, production seismic and 4D—all supported by a strengthened data processing business.”
CGG subsidiary Sercel successfully bid for ION’s software business and also intends to keep all the employees.
07.05.2022
