ION Geophysical Corporation (NYSE:IO) provides geophysical equipment, services, solutions and software to the oil and gas industry worldwide for marine and land environments, with a focus on some of the most challenging environments, such as arctic or deep sea. The company has a strategic agreement with Polarcus to plan and execute 3D multi-client surveys.
Generally, the seismic industry has been very weak over the past 12 months in most of its subsegments, including the land-based seismic services, especially non-U.S., but also the marine services segment. The overcapacity, increased competition and price pressures are visible throughout the industry. Sales activity is generally very low as E&P seismic services companies experience delayed projects and delay equipment purchases themselves...
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