TGS closes transaction to acquire the multi-client and processing assets of ION

Source: press release, 1 September 2022

TGS CEO, Kristian Johansen
TGS CEO, Kristian Johansen (photo: TGS)

TGS, a global provider of energy data and intelligence, has announced that on 31 August 2022, it closed its previously announced intent to acquire the multi-client and processing business of ION Geophysical Corporation (ION) (referred to as the E&P Technology and Services (EPTS) business). The acquisition 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. 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 86 million 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.

Kristian Johansen, CEO at TGS, says, “We are very pleased about closing the ION acquisition announced on 1 July. While we are excited about taking over another quality data library, particularly in the South Atlantic, we are equally pleased to add strong capabilities to our processing business in terms of software, hardware, imaging technologies and people. This marks another important step to consolidating the geophysical industry in line with our strategy to create a stronger and more viable business offering. We are looking forward to a successful integration.”