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Company type | Public |
---|---|
NYSE: IO Russell 2000 Component | |
Industry | Petroleum |
Founded | 1968 |
Headquarters | Houston, Texas, United States |
Area served | Global |
Key people | Chris Usher (CEO) |
Products | Geophysical Services |
Number of employees | 500 |
ION Geophysical was a technology-focused company that provided advanced acquisition equipment, software, planning, and seismic processing services, as well as seismic data libraries to the global oil and gas industry. Here are the key details:
Founded in 1968, as Input/Output (I/O), ION began as a provider of highly specialized, seismic source synchronization equipment. ION was publicly traded on NASDAQ in 1991, and was listed on the New York Stock Exchange in November 1994 using the trading symbol "IO". Throughout the 1990s and 2000s ION experienced growth through a number of key acquisitions. In September 2007 Input / Output (I/O) officially changed its name to "ION" as part of a re-branding. [1] The company filed for bankruptcy in the spring of 2022. [2] In July 2022, the company announced that it would sell of parts of its assets and ceased operations during the bankruptcy procedure. [3] The company completed its bankruptcy reorganization and exited Chapter 11 bankruptcy by September 2022. [4]
Since 1967, ION's Sensor group has been providing geophones for hydrocarbon exploration.
ION's Marine Imaging Systems. The offerings include both the towed streamer and ocean-bottom seismic markets. The products include positioning and streamer control systems, source and source control systems, and both streamer and seabed acquisition systems.
ION's GX Technology (GXT), provides seismic data processing services, such as depth migration, reverse time migration, and full-wave imaging; multi-client seismic data libraries, including basin-scale SPAN seismic programs; software and services for seismic survey design, geophysical analysis, and reservoir modeling; and start-to-finish seismic imaging programs that encompass survey planning, field acquisition, and final image rendering.
Through its GeoVentures business unit, ION owns one of the largest seismic data libraries in the industry. Known as BasinSPANS, these basin-wide, ultra-deep data libraries are custom designed to provide a holistic understanding of petroleum systems including source rock deposition, hydrocarbon migration paths, sediment fairways, and reservoir trapping mechanisms. ION BasinSPAN programs exist for the Gulf of Mexico, the margins of West and East Africa and for offshore basins in Colombia and the eastern Caribbean, India, Eastern and Northern Canada, and Alaska.
ION's Concept Systems offerings include command & control systems that integrate and quality control data acquisition in towed streamer, OBC, electromagnetic (EM), and land surveys and services for designing and planning complex surveys, including wide-azimuth and 4d acquisition programs.
In March 2010, ION launched a joint venture agreement with BGP (which is a wholly owned subsidiary of China National Petroleum Corporation – CNPC) and launched INOVA Geophysical Equipment Limited, an independent company owned 51% by BGP and 49% by ION Geophysical. INOVA specializes in designing, engineering, and delivering energy source and source control systems, land seismic recording systems, and digital full-wave sensors. Since the joint venture, most of ION's land equipment and technology is applied through INOVA.
On April 1, 2002, ION announced to restate its noncash balance sheet transaction for the sale/leaseback of its Stafford plants completed in August. The restatement had no impact on earnings. [5]
On August 3, 2005, ION announced to restate its financial statements for the first quarter of 2005, as a result of the company's determination that approximately $795,000 of royalty expenses incurred by its subsidiary had been miscalculated and should have been recorded in the first quarter of 2005. [6]
On March 16, 2006, ION announced revenue recognition restatement of 2004 and quarterly 2005 results. [7]
Geophysics is a subject of natural science concerned with the physical processes and physical properties of the Earth and its surrounding space environment, and the use of quantitative methods for their analysis. Geophysicists, who usually study geophysics, physics, or one of the Earth sciences at the graduate level, complete investigations across a wide range of scientific disciplines. The term geophysics classically refers to solid earth applications: Earth's shape; its gravitational, magnetic fields, and electromagnetic fields ; its internal structure and composition; its dynamics and their surface expression in plate tectonics, the generation of magmas, volcanism and rock formation. However, modern geophysics organizations and pure scientists use a broader definition that includes the water cycle including snow and ice; fluid dynamics of the oceans and the atmosphere; electricity and magnetism in the ionosphere and magnetosphere and solar-terrestrial physics; and analogous problems associated with the Moon and other planets.
WesternGeco is a geophysical services company. It is headquartered in Schlumberger House on the property of London Gatwick Airport in Crawley, West Sussex.
Reflection seismology is a method of exploration geophysics that uses the principles of seismology to estimate the properties of the Earth's subsurface from reflected seismic waves. The method requires a controlled seismic source of energy, such as dynamite or Tovex blast, a specialized air gun or a seismic vibrator. Reflection seismology is similar to sonar and echolocation.
Conexant Systems, Inc. was an American-based software developer and fabless semiconductor company that developed technology for voice and audio processing, imaging and modems. The company began as a division of Rockwell International, before being spun off as a public company. Conexant itself then spun off several business units, creating independent public companies which included Skyworks Solutions and Mindspeed Technologies.
Magnetotellurics (MT) is an electromagnetic geophysical method for inferring the earth's subsurface electrical conductivity from measurements of natural geomagnetic and geoelectric field variation at the Earth's surface.
The SEG-Y file format is one of several standards developed by the Society of Exploration Geophysicists (SEG) for storing geophysical data. It is an open standard, and is controlled by the SEG Technical Standards Committee, a non-profit organization.
A seismic source is a device that generates controlled seismic energy used to perform both reflection and refraction seismic surveys. A seismic source can be simple, such as dynamite, or it can use more sophisticated technology, such as a specialized air gun. Seismic sources can provide single pulses or continuous sweeps of energy, generating seismic waves, which travel through a medium such as water or layers of rocks. Some of the waves then reflect and refract and are recorded by receivers, such as geophones or hydrophones.
CGG SA (CGG), currently rebranded as Viridien, is a multinational geoscience technology services company that specializes on solving complex natural resource, environmental and infrastructure challenges.
Geophysical imaging is a minimally destructive geophysical technique that investigates the subsurface of a terrestrial planet. Geophysical imaging is a noninvasive imaging technique with a high parametrical and spatio-temporal resolution. It can be used to model a surface or object understudy in 2D or 3D as well as monitor changes.
Seismic migration is the process by which seismic events are geometrically re-located in either space or time to the location the event occurred in the subsurface rather than the location that it was recorded at the surface, thereby creating a more accurate image of the subsurface. This process is necessary to overcome the limitations of geophysical methods imposed by areas of complex geology, such as: faults, salt bodies, folding, etc.
Refraction microtremor (ReMi) is a surface-performed geophysical survey developed by Dr. John Louie (and others) based on previously existing principles of evaluating surface waves and in particular Rayleigh waves. The refraction microtremor technology was developed at the University of Nevada and is owned by the State of Nevada. Optim of Reno, Nevada has the exclusive license to develop the technology, and SeisOpt® ReMi™ has been available commercially from Optim since 2004. Since Rayleigh waves are dispersive, the propagating waves are measured along a linear seismic array and evaluated relative to wave frequency and slowness (or the inverse of the velocity). Due to the dispersive characteristics of higher frequency waves travelling through the more shallow conditions and lower frequency waves passing through deeper materials, a 1-D subsurface profile can be generated based on the velocity with depth.
A seismic vibrator is a truck-mounted or buggy-mounted device that is capable of injecting low-frequency vibrations into the earth. It is one of a number of seismic sources used in reflection seismology. The ‘Vibroseis’ exploration technique was developed by the Continental Oil Company (Conoco) during the 1950s and was a trademark until the company's patent lapsed.
The seismoelectrical method is based on the generation of electromagnetic fields in soils and rocks by seismic waves. This technique is still under development and in the future it may have applications like detecting and characterizing fluids in the underground by their electrical properties, among others, usually related to fluids.
Andrew S. Long is an Australian geophysicist. He has a PhD in geophysics (1996) from the University of Western Australia, and a post-doctoral term at Stanford University. He is a leader in the application of geophysical technologies to exploration for oil and gas in marine areas, and has written and presented several papers at the Society of Exploration Geophysicists (SEG), the European Association of Geoscientists and Engineers (EAGE), the Australian Society of Exploration Geophysicists (ASEG), the Australian Petroleum Production & Exploration Association (APPEA) and many other international conventions and journals.
Seismic inversion involves the set of methods which seismologists use to infer properties through physical measurements. Surface-wave inversion is the method by which elastic properties, density, and thickness of layers in the subsurface are obtained through analysis of surface-wave dispersion. The entire inversion process requires the gathering of seismic data, the creation of dispersion curves, and finally the inference of subsurface properties.
Shell Processing Support (SPS) is a set of formatted files used for exchanging Land 3D seismic data. They can also be used for 2D.
Mitcham Industries, Inc. is a company founded in 1987, and is based in Huntsville, Texas. The company markets geophysical and other equipment to seismic data acquisition contractors conducting surveys on land, marsh, and marine areas, both shallow and deep water. There are mainly two segments operating in the company, namely an Equipment Leasing segment and an Equipment Manufacturing segment. In October 2011, the Company opened a new logistics and repair facility in Budapest, Hungary, and three months later, it opened two new subsidiaries, namely Mitcham Europe Ltd. and Mitcham Marine Leasing Pte Ltd. On September 21, 2015, Founder and CEO Billy F. Mitcham Jr. died, and Guy M. Malden and Robert P. Capps were installed as Co-Chief Executive Officers.
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1. "ION Named to Deloitte Technology Fast 500" [ permanent dead link ], Wall Street Journal , December 4, 2007
2. "Input/Output Changes Name to ION", RigZone, September 21, 2007