Seismic data providers TGS and CGG have been selected as the successful bidders for acquiring ION Geophysical Corporation’s assets in connection with its recently announced US chapter 11 bankruptcy process.
Norway’s TGS will acquire certain assets related to ION’s multi-client and processing businesses, including ION’s global offshore multi-client data library, ION’s data processing and imaging capabilities, and intellectual property. TGS said it intends to employ a number of the ION employees associated with the acquired businesses.
Meanwhile, France’s CGG has agreed to buy ION’s software unit and keep all employees associated with this business.
The closing of transactions is expected in the third or fourth quarter of this year after approval by the bankruptcy court and other customary conditions. A hearing is scheduled in the Southern District of Texas for July 18.
“With the recently announced offer for Magseis Fairfield’s OBN business and a further strengthening of our data library and processing capabilities from the acquisition of the ION EPTS businesses, TGS is taking active steps to consolidate the geophysical industry in line with our strategy to create a stronger and more viable industry,” noted Kristian Johansen, CEO of TGS.