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ION divests from land seismic equipment JV

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Oilfield Technology,

ION Geophysical Corp. has entered into an agreement to sell its 49% equity stake in INOVA Geophysical Equipment Ltd. (INOVA) for US$12 million.

INOVA is a land seismic equipment joint venture (JV) with BGP Inc., the world’s largest land seismic service provider, who owns the remaining 51%. INOVA is a provider of land geophysical technology, including acquisition systems, source products and digital sensors. In 2014, ION wrote down its investment in INOVA to zero. The parties anticipate closing the deal in the second half of the year, subject to regulatory approvals and other closing conditions.

“This divestment is aligned with ION’s strategy to focus on higher potential return offerings offshore that value our leading technology and experience while monetising non-core assets,” said Chris Usher, ION’s President and CEO. “I am pleased we reached a mutually beneficial agreement that supports our customers while delivering value to our shareholders. The proceeds will support our entry into the 3D new acquisition market and development of our Marlin™ SmartPort business while further bolstering our liquidity.”

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