ION and BGP Launch Land Seismic Technology Joint Venture Company
HOUSTON and BEIJING, March 29 /PRNewswire-Asia/ -- Over the weekend, INOVA Geophysical Equipment Limited was formally introduced by its owners -- ION Geophysical Corporation (NYSE: IO) and the Chinese geophysical services provider BGP -- to hundreds of customers, government officials, and members of the media at a high-profile launch event held in Beijing. INOVA is a new and independent company that offers a comprehensive portfolio of advanced geophysical technologies used by seismic service providers in oil and gas exploration activities both onshore and within the transition zone.
The launch event was held to celebrate the signing of the definitive INOVA joint venture agreements by BGP and ION executives late last week. Owned 51% by BGP -- a wholly owned subsidiary of China National Petroleum Corporation (CNPC) -- and 49% by ION Geophysical, INOVA's offerings include energy source and source control systems, land seismic recording systems, and digital full-wave sensors. Industry-leading products marketed by INOVA include ARIES(R), FireFly(R), and Scorpion(R) acquisition systems; VectorSeis(R) multicomponent sensors; and AHV-IV(R) Vibroseis vehicles.
Mr. Steve Bate, President and Chief Executive Officer of INOVA, commented, "The formation of INOVA is a key milestone within the storied history of the seismic industry. We are bringing together a truly global team of experienced innovators whose mindset will be shaped by their close association with BGP, the world's largest land seismic acquisition company. Our comprehensive portfolio of seismic technologies will be put to the test every day, in every conceivable acquisition environment, which we believe will allow INOVA to offer the most effective and durable geophysical instrumentation available in the marketplace. We are launching INOVA with a true focus on the seismic acquisition contractor. We intend to develop technologies that meet the demanding performance criteria of our customers, enabling them to successfully tender for and execute projects in an efficient manner while meeting or exceeding all of the health, safety and environmental expectations of the E&P operators who award seismic contracts. It truly is an honor to be the first chief executive of INOVA and to have the opportunity to work with our nearly 400 employees to build a company 100% committed to getting the job done for its global customer base."
Corporate Identity
The name INOVA was chosen to reflect the company's long history of innovation within the seismic industry. INOVA's predecessor companies were responsible for introducing a series of pioneering innovations to the seismic business, including the world's first network telemetry acquisition systems (I/O System One and ARIES); the world's first MEMS-based three-component (3C) digital sensor (VectorSeis); and the world's first cableless full-wave recording system (FireFly).
INOVA's logo is inspired by the Yin and Yang of Chinese science and philosophy, a symbol used to describe how polar or seemingly contrary forces are interconnected and interdependent in the natural world and how, in turn, they give rise to and reinforce each other. These interdependent forces could be inferred to be E&P operators and their oil field service providers; INOVA as technology provider and its seismic contractor customers; BGP and ION; or 'East and West' depending on the context. The green of the logo represents the Earth, along with INOVA's commitment to developing technologies that enable seismic operations to be conducted in an environmentally sustainable manner; the blue invokes the sky.
INOVA's first tag-line will be, "Together, We Get the Job Done." This slogan reflects INOVA's single-minded focus on making sure its contractor customers are able to deliver against their project commitments, wherever and whenever they might be asked to do so by an E&P operator. The spirit of togetherness also reflects INOVA's philosophy towards collaborative product development both with its customers and among the various internal engineering and customer support groups within INOVA.
Operating Executives
The following executives have been appointed to report directly to President and CEO Steve Bate by INOVA's Board of Directors:
- Mr. Douglas Allinson - Senior Vice President (SVP), Business
Development. Formerly SVP, ION Next Generation Land Systems
- Mr. Liang Chaoyang - Chief Financial Officer. Formerly Director, BGP
Finance & Controls.
- Mr. Jiang Geng - Chief Technology Officer. Formerly VP, BGP Equipment
R&D Programs.
- Mr. Glenn Hauer - SVP, Marketing. Formerly VP, ION Next Generation Land
Systems.
- Mr. Sun Yingtao - SVP, Manufacturing. Formerly VP, BGP Equipment
Manufacturing.
- Ms. Jin Yuzhi - SVP, Human Resources. Formerly Deputy Country Manager,
BGP Pakistan.
INOVA's Senior Vice President of R&D will be appointed at a later date.
Board of Directors
As a new and independent company, INOVA has a governance structure that includes a seven-member Board of Directors. Among other things, the joint venture Board reviews and approves INOVA's five-year strategic plan and one-year operating plan and also appoints and evaluates members of the INOVA executive team. By agreement, the INOVA Board will be comprised of four members appointed by BGP and three members appointed by ION. The seven initial members of INOVA's Board of Directors are:
- Mr. Li Guoqi - Assistant President, BGP.
- Mr. Brian Hanson - Executive Vice President & CFO, ION Geophysical
Corporation.
- Mr. Zheng Huasheng - Vice President, BGP.
- Mr. Li Jinyong - General Counsel, BGP.
- Mr. Bob Peebler - Chief Executive Officer, ION Geophysical Corporation.
- Mr. David Roland - Senior Vice President & General Counsel, ION
Geophysical Corporation.
- Mr. Wang Tiejun - President, BGP.
More information about the joint venture will be made available in coming months on the INOVA web site, which is currently under construction. INOVA's Uniform Resource Locator (URL) is: http://www.inovageo.com .
About INOVA Geophysical Equipment Limited
INOVA Geophysical Equipment Limited is a leading provider of land geophysical technology, including source and source control systems, cabled and cableless land acquisition systems, and advanced seismic sensing devices. INOVA's offerings allow land seismic services providers to design and execute high channel-count surveys efficiently and effectively in complex operating environments around the world. Managed as an independent company and 100% committed to its customers' satisfaction, INOVA is a joint venture owned 51% by BGP (a wholly owned subsidiary of China National Petroleum Corporation) and 49% by ION Geophysical Corporation (NYSE: IO). Additional information about INOVA is available at http://www.inovageo.com .
For more information, please contact:
INOVA (Media Affairs)
Senior VP, Marketing
Mr. Glenn Hauer
Phone: +1-403-585-2098
