PlanSea and ION announce collaboration to optimize offshore supply vessel logistics

HOUSTON, Sept. 6, 2017 /PRNewswire/ -- PlanSea Solutions Limited and ION Geophysical Corporation IO today announced a collaboration to improve the efficiency of offshore supply vessel logistics. By embedding PlanSea's powerful logistics optimization algorithms into ION's innovative Marlin offshore operations optimization software, the two companies aim to provide a comprehensive, real-time solution for marine logistics management that significantly reduces costs and risks.

ION's Marlin software provides a visualization and communications infrastructure to gather supply vessel inventory, scheduling and task data from existing systems and workflows. Consolidating this data enables Marlin to provide comprehensive situational awareness information with supply vessel key performance indicators (KPI) for analysis by management teams. By integrating PlanSea's field-proven optimization algorithms with Marlin's supply vessel performance statistics, the collaboration seeks to ensure efficient operations are maintained at all times. This solution is also designed to further reduce offshore marine support costs by creating a platform to enable supply vessel fleet sharing between companies.

Jim Cargill, CEO of PlanSea, said, "We are pleased to be working with ION on this exciting new development. It is important for the future of our industry that companies collaborate to ensure that efficiencies are achieved at the earliest possible date. PlanSea's software has successfully demonstrated major cost savings already and we look forward to working with ION and clients to optimize their offshore logistics operations."

Chris Usher, EVP & Chief Operating Officer of ION's E&P Operations Optimization group, commented, "Our Marlin offshore operations management solution has been delivering value for a range of operations globally, providing enhanced situational awareness and offshore activity planning. Our solution has been developed to bring these gains to offshore logistics, and collaborating with PlanSea allows us to offer a unique solution for optimization, adding considerable value to the overall package. Together we are able to improve operational efficiencies and minimize HSE risk."

To learn more, visit iongeo.com/Marlin.

About ION

ION 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.

About PlanSea

PlanSea is a Limited Liability company that offers operational management control, fleet optimization and vessel scheduling software for the offshore oil and gas marine support sector. For more information, visit www.plansea.co.uk.

Contacts

ION (Investor relations)

Executive Vice President and Chief Financial Officer
Steve Bate, +1 281.552.3011
steve.bate@iongeo.com

ION (Media relations)

Vice President, Communications
Rachel White, +1 281.781.1168
rachel.white@iongeo.com

PlanSea

Chief Executive Officer
Jim Cargill, +44 07514.088766
jim@plansea.co.uk

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, 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-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

View original content:http://www.prnewswire.com/news-releases/plansea-and-ion-announce-collaboration-to-optimize-offshore-supply-vessel-logistics-300514623.html

SOURCE ION Geophysical Corporation