TGS ASA (OB:TGS) agreed to acquire Certain Assets of ION Geophysical Corporation (OTCPK:IOGP.Q) on July 1, 2022. The target will include all of ION's global offshore multi-client data library and ION's data processing and imaging capabilities and intellectual property. TGS ASA has been named a successful bidder in the auction process. TGS intends to employ a number of the ION employees associated with the acquired businesses. TGS will fund the transaction from its current cash holding. The revenues associated with the acquired assets were in excess of $86 million in 2021. 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, TGS expects to close the transaction in late July.

TGS ASA (OB:TGS) completed the acquisition of Certain Assets of ION Geophysical Corporation (OTCPK:IOGP.Q) on August 31, 2022. TGS funded the acquisition from its current cash holdings and employed over 60 ION employees associated with the acquired business as part of the transaction.