ION makes second sale of compasses for subsea vehicle navigation

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HOUSTON, June 14, 2018 /PRNewswire/ — ION Geophysical Corporation (NYSE: IO) today announced the second sale of a number of its highly differentiated optical magnetic heading sensors to enable subsea vehicles to quickly reach their desired destinations.  In the fourth quarter, successful field trials demonstrated the advanced compasses’ accuracy and robustness in GPS-deprived environments and led to delivery of the first commercial order in the first quarter. 

This example demonstrates how ION can successfully broaden its customer base and diversify its technology into adjacent markets.  In less than a year, the Devices business line made agile adjustments to adopt the mature compass offering from ION’s industry-leading towed streamer positioning solution to suit the underwater vehicle market’s navigation requirements.  

“The customer has been really pleased with our optical magnetic heading sensor’s unique performance and how quickly we integrated it into their subsea vehicle precision navigation,” said Chris Usher, Executive Vice President of ION’s Operations Optimization group.  “In multiple tests we have demonstrated improved positioning accuracy to under half a percent of the distance travelled, without the aid of GPS or acoustic navigation and without locally calibrating the compass.  Our mechanically gimbaled optical magnetic heading sensor does not require calibration across different latitudes as the Earth’s magnetic field changes.  We are exploring additional commercial opportunities for our technologies in marine robotics and other industries.”  

To learn more, visit iongeo.com/Compass.

About ION

ION develops and leverages innovative technologies, creating value through data capture, analysis and optimization to enhance critical decision-making, enabling superior returns.  For more information, visit iongeo.com.

Contacts

ION (Investor relations)

Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
steve.bate@iongeo.com

ION (Media relations)

Vice President, Communications
Rachel White, +1 281.781.1168
rachel.white@iongeo.com

The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation’s products and services; pricing pressure; decreased demand; changes in oil prices; and political, execution, regulatory, and currency risks. These risks and uncertainties also include risks associated with the WesternGeco litigation and other related proceedings. We cannot predict the outcome of this litigation or the related proceedings.  For additional information regarding these various risks and uncertainties, including the WesternGeco litigation, see our Form 10-K for the year ended December 31, 2017, filed on February 8, 2018. Additional risk factors, which could affect actual results, are disclosed by the Company in its fillings with the Securities and Exchange Commission (“SEC”), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

 

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SOURCE ION Geophysical Corporation