ION Geophysical has increased its ownership interest in OceanGeo, a geophysical company specializing in multi-component ocean bottom seismic acquisition. 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.
OceanGeo was awarded a 510-sq-km ocean bottom 3D seismic survey offshore Trinidad for Petroleum Company of Trinidad and Tobago Limited (Petrotrin). Work commenced in December 2013, and is expected to be complete in April or May 2014.
ION said that, through OceanGeo, it will put its next-generation Calypso ocean bottom seismic acquisition system to work, in a service model. Headquartered in Houston and Rio de Janeiro, OceanGeo is led by CEO Colin Hulme, formerly ION senior V.P.
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