The seismic company TGS won an auction in connection with the bankruptcy of the American company ION Geophysical.
This reported the company Friday night.
The acquisition included ION’s entire global offshore multi-client data library, as well as data processing and imaging capabilities and intellectual property. ION’s data library consists of over 637,000 km 2D and over 317,000 km2 3D multi-client seismic data in large offshore petroleum provinces globally. Furthermore, the company announces that they want to hire a number of ION employees.
Revenue related to the assets was over 86 million dollars in 2021.
The transaction is subject to approval by the South Texas District Bankruptcy Court during a hearing scheduled for July 18, 2022, and the transaction is expected to be completed by the third quarter of 2022.
The purchase will be financed with their current cash balance, the company reports.
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