ION increases ownership in OceanGeo JV
ION Geophysical Corp. has increased its ownership interest in OceanGeo BV, a geophysical company specializing in multi-component ocean-bottom seismic acquisition.
HOUSTON – ION now owns 70% of OceanGeo, up from the 30% the company acquired in February 2013. Formerly known as GeoRXT, OceanGeo is owned by ION and Georadar Levantamentos Geofisicos S/A.
OceanGeo was awarded a 510-sq-km (197-sq-mi) ocean bottom 3D seismic survey offshore Trinidad for the Petroleum Co. of Trinidad and Tobago Ltd. (Petrotrin). Work began in December 2013, and is expected to be complete in April or May 2014.