ION’s OceanGeo mobilizes crew for survey in Nigeria

  • Business & Finance

Seismic data acquisition specialist ION Geophysical has informed that its Ocean Bottom Seismic (OBS) company, OceanGeo, is mobilizing its vessels and crew to conduct an OBS survey offshore Nigeria.

This is good news for ION, who in 2015 saw a drop in total revenues of 57% compared to 2014, as a result of cuts in exploration spending by oil companies, due to low oil prices. These cuts in turn forced ION to cuts 50 percent of its workforce since the downturn started, stack vessels, and lower salaries.

There was no work to be found for ION’s OceanGeo in 2015, which last year caused ION to cold stack the vessels and crew.

However, ION seems to have found work for its OceanGeo business. The company on Tuesday said that it received a letter of commitment for Nigerian project the project from an international oil company. The company said it expected the contract to be finalized within the next few weeks.

ION President and Chief Executive Officer Brian Hanson said the company was pleased to be OBS crew back to work: “We will immediately begin mobilizing to the project site, expect to begin acquiring data in late June or early July, and to complete full demobilization by late in the third quarter. Our technology is well suited for additional opportunities in Nigeria and West Africa, and we continue to pursue active tenders and leads for projects in the area. We remain optimistic about our ability to keep the crew deployed upon completion of this project.”

Offshore Energy Today Staff

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