Polarcus and GX Technology sign LOI for seismic data QC and processing services

Polarcus and ION subsidiary GX Technology (GXT) have signed a Letter of Intent ("LOI") to enter into an agreement under which GXT will provide seismic data quality control (QC) and processing services onboard the Polarcus fleet of advanced marine seismic vessels being built at the Drydocks World Dubai shipyard in the UAE. The LOI furthermore provides for the relationship between Polarcus and GXT to extend to prospective clients of both companies a full-scope offering combining Polarcus' towed marine seismic acquisition with advanced seismic data processing in one of GXT's established geophysical service centers.


"We are looking forward to developing this important relationship with GXT," said Christian Fenwick, Senior Vice President for Business Development and Multi Client at Polarcus. "In addition to addressing our onboard seismic data quality control needs, the agreement with GXT will allow us to offer our clients a full-scope services solution incorporating GXT's advanced imaging services.


"The intent of the parties is to finalize an agreement covering the proposed relationship by 31st December 2008 in order to initiate planning activities ahead of first marine operations scheduled to commence in Q3 2009.


About Polarcus


Polarcus is a pure play marine geophysical company with a pioneering environmental agenda, specializing in high-end towed streamer data acquisition from pole to pole. Polarcus is launching an ultra-modern fleet of initially 6 advanced seismic vessels designed by Norway's Ulstein Design AS incorporating the innovative ULSTEIN X-BOW® hull. The vessels are being built in Dubai, UAE, by Drydocks World – Dubai LLC, with the first vessels becoming operational in 2009. Additional information about Polarcus is available at www.polarcus.com


About ION


ION is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION's offerings allow E&P operators to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and enable seismic contractors to acquire geophysical data more efficiently.  Additional information about ION is available at www.iongeo.com