ION Geophysical Increases Stake In OceanGeo

(RTTNews) - ION Geophysical Corp. (IO) Wednesday said it increased its stake in OceanGeoB.V., a geophysical company specializing in multicomponent ocean bottom seismic acquisition.

ION increased its stake of OceanGeo to 70 percent from the 30 percent the Company acquired in February 2013. Formerly known as GeoRXT, OceanGeo is owned by ION and Georadar Levantamentos Geofisicos S/A.

Brian Hanson, ION's President and CEO, commented, "Our ownership increase in OceanGeo is a key milestone in executing our strategic shift from being a seismic equipment company to leveraging our technologies to provide higher-value solutions directly to E&P companies