ION Geophysical Agrees to Sell Interest in INOVA Geophysical Equipment
ION Geophysical agreed to sell its 49% interest in INOVA Geophysical Equipment for $12 million, a joint venture with BGP. INOVA provides land geophysical technology including acquisition systems, sources, and sensors. ION wrote down this investment to zero in 2014. The deal is expected to close in the second half of 2020.
ION CEO Chris Usher
This divestment is aligned with ION's strategy to focus on higher potential return offerings offshore that value our leading technology and experience while monetizing non-core assets.