TGS has announced the closure of its acquisition of the multi-client and processing business of ION Geophysical Corporation (ION).
The purchase “includes substantially all of ION’s global offshore multi-client data library, data processing and imaging capabilities, intellectual property, and Gemini Extended Frequency Source technology and equipment”, TGS said in a statement.
The transaction was concluded as part of ION’s bankruptcy process in the United States Bankruptcy Court for the Southern District of Texas.
ION’s data library consists of over 637,000 kilometres of 2D and over 317,000 square kilometres of 3D multi-client seismic data in major offshore petroleum provinces globally, generating revenues in excess of USD 86M in 2021.
“TGS funded the acquisition from its current cash holdings and employed over 60 ION employees associated with the acquired business as part of the transaction”.
TGS has been in acquisitive mode for over three years. In 2019, acquired a keen rival, Spectrum Geophysical.
Kristian Johansen, CEO at TGS, said the company was “excited about taking over another quality data library, particularly in the South Atlantic”, and pleased to add strong capabilities to our processing business in terms of software, hardware, imaging technologies and people.