Polarcus and GX Technology sign seismic data QC and data processing agreement

Polarcus Limited and ION subsidiary GX Technology Corporation have today entered into an agreement under which GX Technology will provide seismic data quality control and data processing services onboard the Polarcus new build fleet of six ultra-modern 3D seismic vessels. The agreement furthermore extends to the provision of advanced onshore seismic data processing capacity and services in one of GX Technology's established geophysical service centers as may be requested by Polarcus in conjunction with combined acquisition and processing projects.


"We are very pleased to announce this strategically important agreement with GX Technology," said Rolf Ronningen, CEO Polarcus. "Apart from meeting our needs for onboard seismic data quality control, this agreement will allow us to offer to our clients a truly unique and world class full services solution that combines our high-end 3D seismic acquisition services with GX Technology's advanced imaging services."


Planning activities for the onboard services will begin immediately in order to meet Polarcus' schedule for its first marine operation commencing 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