Schlumberger and ION Announce New 3D Multiclient Reimaging Program Offshore Southern Mexico

HOUSTON, Sept. 7, 2016 /PRNewswire/ -- Schlumberger WesternGeco and ION Geophysical Corporation today announced a new 3D multiclient reimaging broadband program offshore Mexico, which uses Mexico's National Hydrocarbons Commission (CNH) data library. The Campeche 3D reimaging program comprises three survey areas covering approximately 82,000 km² in the Bay of Campeche offshore southern Mexico.

Leveraging both companies' extensive imaging experience in Mexico, the program will be processed using a combination of custom technologies and techniques from both organizations that will maximize data quality and offer geological insights for upcoming licensing rounds.

The complexity and variability of the geological areas being surveyed require a set of consistent, advanced workflows to maximize bandwidth, while producing data with strong low frequency content for subsalt areas and high-resolution data for non-salt areas of the basin. The use of broadband preprocessing coupled with high-resolution steep dip reverse time migration (RTM) and Kirchhoff imaging algorithms will produce data ideal for prospect identification and exploration.

ION President and Chief Executive Officer, Brian Hanson, commented, "We are pleased to be collaborating with WesternGeco on such a large project offshore Mexico, where we anticipate continued strong client interest.  The Campeche 3D reimaging program area is in one of the most challenging, yet prospective regions offshore Mexico where we have significant processing experience and expertise."

Maurice Nessim, President, WesternGeco, said, "We are confident this collaboration will bring value to our customers through the highest quality imaging, which will improve their understanding of the complex subsurface geology in this area. We expect to see a significant improvement in subsalt and above-salt imaging to better inform our customers through their licensing rounds and development decisions."

The program is fully supported by industry funding. Fast-track data are available now for Round 1.4 deepwater bid preparation decisions.

About the Companies

ION IO is a leading provider of technology-driven solutions to the global oil & gas industry.  ION's offerings are designed to help companies reduce risk and optimize assets throughout the E&P lifecycle. For more information, visit iongeo.com.

Schlumberger is the world's leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. Working in more than 85 countries and employing approximately 100,000 people who represent over 140 nationalities, Schlumberger supplies the industry's most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.

Schlumberger Limited has principal offices in Paris, Houston, London and The Hague, and reported revenues of $35.47 billion in 2015. For more information, visit www.slb.com.

Contacts

Rachel White
Vice President, Communications
ION
Tel: +1 713 366 7281
Email: rachel.white@iongeo.com

Susan Ganz
Public Relations Manager—Western Hemisphere
Schlumberger
Tel: +1 713 939 2997
Email: sganz1@slb.com

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 risks associated with the timing and development of the Company's products and services, the competitiveness of offers, pricing pressure, decreased demand, and changes in oil prices; and political, execution, regulatory, and currency risks.  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-Q 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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SOURCE ION Geophysical Corporation