TGS, a global provider of energy data and intelligence, today 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 kilometers of 2D and over 317,000 square kilometers of 3D multi-client seismic data in major offshore petroleum provinces globally, generating revenues in excess of USD 86M 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, said: “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.”

About TGS

TGS provides scientific data and intelligence to companies active in the energy sector. In addition to a global, extensive and diverse energy data library, TGS offers specialized services such as advanced processing and analytics alongside cloud-based data applications and solutions.

About ION

Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software, and distinctive analytics.