Spectrum to Seek New Horizons for GGS Atlantic after Contract Cancellation
Spectrum has received a 90 day notice of cancellation of the contract with GX Technology (GXT), a subsidiary of ION Geophysical Corporation, dated January 6, 2009 under the terms of the contract signed in July 2008. The contract for the acquisition of 2D seismic data within GXT's BasinSPAN program was originally expected to end in June 2009, although there was an option for a 12 month extension. Spectrum will then seek new opportunities within the Asia Pacific region for the GGS Atlantic.
GXT hope that the GGS Atlantic will continue working on their program(s) following the notice period but given the recent developments in the market they are unable to commit beyond the notice period at this time. Both parties have agreed to continue positive dialogue during and beyond the notice period.
- GXT Lands Seismic Gig for Pemex's Exploration Projects (Mar 04)
- Pemex Awards Multi-Year Seismic Contract to GXT (Feb 23)
- GX Technology Adds Sub-Salt Capabilities to Seismic Toolkit (Jun 08)
Company: GGS-Spectrum more info
- Spectrum's Levantine Basin Seismic Validated by USGS (Apr 22)
- Spectrum Boosts Houston Processing Capacity by 50% (Sep 30)
- Spectrum Inks Deal with DGH to Reprocess Seismic Offshore India (Sep 11)
Company: ION Geophysical Corporation more info
- Polarcus, Ion Agree Seismic Partnership (Jul 26)
- ION Sets Up Seismic Data Processing Center in Perth (Jul 24)
- ION Acquires Additional Seismic Data Offshore Northeast Greenland (Oct 31)