HOUSTON- ION Geophysical Corporation (NYSE: IO) and Greensea Systems, Inc. today announced a joint marketing agreement to provide underwater navigation solutions for manned and unmanned underwater vehicle operators.
This partnership will accelerate the adoption of ION’s technologies into larger, less cyclic adjacent markets offshore and in the military while providing Greensea with options to integrate ION sensor technology into a growing number of navigation systems. Greensea and ION have already collaborated to integrate ION’s optical magnetic heading sensor into Greensea’sINSpect navigation system to dramatically improve subsea vehicle navigation accuracy in remote GPS-deprived environments.
“I am really pleased with how quickly we have adapted our technology to solve similar challenges in other industries,” commented Chris Usher, Executive Vice President of ION’s Operations Optimization group. “Greensea was instrumental in helping us identify adjacent market opportunities for our technology and partnered with us to integrate and test our technologies’ fit into their navigation system and devices. As industry leaders in solving tough maritime navigation, positioning, sensing and communications challenges, there is a lot more potential to diversify over the next five years and we look forward to working together.”
“Greensea has been developing innovative technology to improve subsea vehicle navigation for over ten years,” stated Marybeth Gilliam, Chief Operating Officer for Greensea Systems. “We have installed our integrated navigation and control system on hundreds of offshore and military vehicles. With the addition of ION’s advanced compass, we believe this is the most robust, precise and operator-friendly control and navigation technology available offshore today.”
The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation’s products and services; pricing pressure; decreased demand; changes in oil prices; and political, execution, regulatory, and currency risks. These risks and uncertainties also include risks associated with the WesternGeco litigation and other related proceedings. We cannot predict the outcome of this litigation or the related proceedings. For additional information regarding these various risks and uncertainties, including the WesternGeco litigation, see our Form 10-K for the year ended December 31, 2017, filed on February 8, 2018. Additional risk factors, which could affect actual results, are disclosed by the Company in its fillings with the Securities and Exchange Commission (“SEC”), including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.
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