HOUSTON, May 18, 2017 /PRNewswire/ -- ION Geophysical
Corporation (NYSE: IO) today announced that the trial court issued
an order on May 16, 2017 in the
previously-reported lawsuit of WesternGeco L.L.C. v. ION
Geophysical Corporation confirming its bench order, awarding
enhanced damages of $5 million to
WesternGeco. The trial court also granted the motion of the
sureties and ordered the surety bond be discharged and
released.
"While we are not happy with the willfulness determination, we
are overall pleased with the District Court's indication that
the additional damages should be on the low end of what could have
been a maximum possible amount of $44
million," stated Brian
Hanson, ION's President and Chief Executive Officer.
"This eight-year process has been a long journey and we are excited
to put this lawsuit behind us as it doesn't reflect the current
spirit of collaboration between the parties."
About ION
ION is a leading provider of technology-driven solutions to the
global oil & gas industry. ION's offerings are designed
to help companies reduce risk and optimize assets throughout the
E&P lifecycle. For more information, visit iongeo.com.
Contact
Jamey Seely
Executive Vice President and General Counsel
+1.281.552.3011
jamey.seely@iongeo.com
The information herein contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements may include information and other
statements that are not of historical fact. Actual results may vary
materially from those described in these forward-looking
statements. All forward-looking statements reflect numerous
assumptions and involve a number of risks and uncertainties. These
risks and uncertainties include risks associated with the timing
and development of the Company's products and services, the
competitiveness of offers, pricing pressure, decreased demand, and
changes in oil prices; and political, execution, regulatory, and
currency risks. Additional risk factors, which could affect actual
results are disclosed by the Company in its fillings with the
Securities and Exchange Commission ("SEC"), including its Form
10-K, Form 10-Q and Form 8-Ks filed during the year. The Company
expressly disclaims any obligation to revise or update any
forward-looking statements.
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SOURCE ION Geophysical Corporation