ION Geophysical was a company that provided acquisition of equipment, software, planning and seismic processing services, seismic data libraries to the global oil and gas industry. The company's technologies and services were used by E&P operators and seismic acquisition contractors to generate high-resolution images of the subsurface of Earth during exploration, exploitation and production operations. Headquartered in Houston, Texas, ION had offices in the United States, Canada, Latin America, Europe, Africa, Russia, China and the Middle East.
History
Founded in 1968, as Input/Output (I/O), ION began as a provider of highly specialized, seismic source synchronization equipment. ION was publicly traded on NASDAQ in 1991, and was listed on the New York Stock Exchange in November 1994 using the trading symbol "IO". Throughout the 1990s and 2000s ION experienced growth through a number of key acquisitions. In September 2007 Input / Output (I/O) officially changed its name to "ION" as part of a re-branding.[1] The company filed for bankruptcy in the spring of 2022.[2] In July 2022, the company announced that it would sell of parts of its assets and ceased operations during the bankruptcy procedure.[3] The company completed its bankruptcy reorganization and exited Chapter 11 bankruptcy by September 2022.[4]
Activities
Since 1967, ION's Sensor group has been providing geophones for hydrocarbon exploration.
ION's Marine Imaging Systems. The offerings include both the towed streamer and ocean-bottom seismic markets.
The products include positioning and streamer control systems, source and source control systems, and both streamer and seabed acquisition systems.
ION's GX Technology (GXT), provides seismic data processing services, such as depth migration, reverse time migration, and full-wave imaging; multi-client seismic data libraries, including basin-scale SPAN seismic programs; software and services for seismic survey design, geophysical analysis, and reservoir modeling; and start-to-finish seismic imaging programs that encompass survey planning, field acquisition, and final image rendering.
Through its GeoVentures business unit, ION owns one of the largest seismic data libraries in the industry. Known as BasinSPANS, these basin-wide, ultra-deep data libraries are custom designed to provide a holistic understanding of petroleum systems including source rock deposition, hydrocarbon migration paths, sediment fairways, and reservoir trapping mechanisms. ION BasinSPAN programs exist for the Gulf of Mexico, the margins of West and East Africa and for offshore basins in Colombia and the eastern Caribbean, India, Eastern and Northern Canada, and Alaska.
ION's Concept Systems offerings include command & control systems that integrate and quality control data acquisition in towed streamer, OBC, electromagnetic (EM), and land surveys and services for designing and planning complex surveys, including wide-azimuth and 4d acquisition programs.
In March 2010, ION launched a joint venture agreement with BGP (which is a wholly owned subsidiary of China National Petroleum Corporation - CNPC) and launched INOVA Geophysical Equipment Limited, an independent company owned 51% by BGP and 49% by ION Geophysical. INOVA specializes in designing, engineering, and delivering energy source and source control systems, land seismic recording systems, and digital full-wave sensors. Since the joint venture, most of ION's land equipment and technology is applied through INOVA.
Restatements
On April 1, 2002, ION announced to restate its noncash balance sheet transaction for the sale/leaseback of its Stafford plants completed in August. The restatement had no impact on earnings.[5]
On August 3, 2005, ION announced to restate its financial statements for the first quarter of 2005, as a result of the company's determination that approximately $795,000 of royalty expenses incurred by its subsidiary had been miscalculated and should have been recorded in the first quarter of 2005.[6]
On March 16, 2006, ION announced revenue recognition restatement of 2004 and quarterly 2005 results.[7]
