Houston, Texas (6 July 2022) – Fairfield Geotechnologies, a U.S. premier provider of subsurface energy data and intelligence, today announces that it has been named a successful bidder in the auction process in connection with ION Geophysical Corporation’s (ION) Chapter 11 bankruptcy case pending in the United States Bankruptcy Court for the Southern District of Texas.
Fairfield Geotechnologies will acquire certain assets related to ION’s Multi-Client Products business including all of ION’s U.S. onshore multi-client datasets along with the offshore GulfSPAN and FloridaSPAN datasets. The transaction is subject to the approval of the United States Bankruptcy Court for the Southern District of Texas at a hearing currently scheduled for 18 July 2022, as well as other customary closing conditions.
Assuming court approval is received as anticipated, Fairfield Geotechnologies expects to close the transaction early in the third quarter of 2022.
“The acquisition of certain selected ION datasets furthers our commitment to being the leading provider of high-quality seismic data both onshore and offshore US. Fairfield Geotechnologies will continue to invest both organically and through acquisitions as the opportunities present themselves.” said Joe Dryer, President and CEO of Fairfield Geotechnologies.
Privately held, Fairfield Geotechnologies is the premier provider of modern high resolution multi-client services in the Permian Basin and the Gulf of Mexico Shelf and continues to expand data coverage in major basins across the Lower 48. Fairfield combines market-leading data positions with world-class imaging and a flexible partnership approach to deliver solutions for customers.
For more information, visit fairfieldgeo.com or contact:
9811 Katy Fwy, Suite 1150
Houston, TX 77024
+1 281.275.7512 d