Dubai-based 3D seismic firm Polarcus reported Friday that it has made a three-year agreement with ION Geophysical Corporation to jointly develop marine-based 3D seismic data multi-client projects and market them to exploration and production companies worldwide.
The agreement will see Polarcus combined its expertise in the 3D multi-client space with that of ION's expertise in delivering geologically- driven, basin-scale 2D multi-client surveys. The collaboration will utilize the expert resources and established third party relationships of both companies, Polarcus said, as well as use ION's BasinSPAN data library of more than 280,000 miles to identify new project opportunities worldwide.
Further, the combination of Polarcus' RIGHTBAND acquisition proposition and ION's WiBand data-processing technology behind the company's fleet of advanced, high performance
Polarcus CEO Rolf Ronningen commented in a company statement:
"We are confident that this collaboration will bring value to our clients through the delivery of the highest quality multi-client projects, optimally designed to improve the understanding of the sub-surface geology.
"Specifically for Polarcus it will enable us to expand our 3D multi-client footprint, utilizing the combined resources and assets of Polarcus and ION to ensure we make the right project choices, and further provide additional stability and flexibility to our vessel scheduling across the globe."
James West, an analyst at Barclays Capital in New York, commented in a research note that the two companies are both well-positioned for Arctic exploration since ION already has a leadership position in the region while Polarcus is the only seismic contractor with an Arctic-ready fleet and recognized best practice Arctic procedures. West described the two firms' Arctic know-how as "potentially a competitive advantage" for the partnership.
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