OilVoice - GX Technology Signs Data Processing Agreement With Polarcus

GX Technology Signs Data Processing Agreement With Polarcus

Monday, March 09, 2009

ION Geophysical Corporation announces that its seismic imaging subsidiary, GX Technology (GXT), has signed an agreement with The Polarcus Group of Companies (Polarcus) for the provision of seismic data processing services. This agreement includes onboard quality control (QC), onboard processing, and land-based data processing (DP) services. The agreement calls for GXT to provide hardware, software and geophysicists in order to support a seismic project's entire imaging lifecycle, from the vessel to an onshore data processing center.

Nick Bernitsas, Senior Vice President of ION's GXT Imaging Solutions division, commented, "Many marine seismic contracts tendered by oil & gas companies specify that both acquisition and data processing services be delivered within a single contract structure. The arrangement that we agreed to will allow GXT to quality control and, where required, to pre-process all seismic data acquired on-board the Polarcus vessels and to be the exclusive 'behind-the-boat' processing partner for advanced imaging services specified in full-scope contract awards. This is GXT's first arrangement of this type. It leverages our existing geophysical technology to provide us with an additional source of revenue moving forward. We are delighted to have been selected by Polarcus as their data processing services partner."

Polarcus is a new entrant in the marine seismic market with plans to launch six state-of-the-art towed streamer vessels, with the first boat launching in the third-quarter of 2009. GXT has a worldwide footprint through both company-owned and joint venture processing centers and the global experience base needed to support the Polarcus vessels in all marine acquisition settings.