MEDIA RELEASE PR38939
Introducing INOVA Geophysical Equipment Limited
HOUSTON and BEIJING, Mar. 29 /PRNewswire-AsiaNet/ --
ION and BGP Launch Land Seismic Technology Joint Venture
Company
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
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
Contacts
INOVA (Media Affairs)
Senior VP, Marketing
Mr. Glenn Hauer
Phone: +1.403.585.2098
SOURCE: INOVA Geophysical Equipment Limited
CONTACT: Mr. Glenn Hauer,
Senior VP, Marketing of INOVA (Media Affairs),
+1-403-585-2098
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