ION Geophysical Corporation (NYSE:IO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
to that certain Investor Rights Agreement by and between BGPInc., China National Petroleum Corporation (“BGP”) and ION Geophysical Corporation dated March 25, 2010 (the “Investor Rights Agreement”), BGP is entitled to appoint one nominee to the Board of Directors of ION Geophysical Corporation (the “Board”), and to appoint replacements of such director from time to time.
In accordance with the Investor Rights Agreement, BGP appointed Mr. Zheng HuaSheng to the Board, effective as of April 13, 2018, to replace its prior Board appointee, Mr. Hao Huimin. Mr. Hao’s service on the Board ended on April 12, 2018, immediately prior to Mr. Zheng’s appointment taking effect.
The Board unanimously approved Mr. Zheng’s appointment to the Board.
Mr.Zheng, age 51, has been employed by China National Petroleum Corporation (“CNPC”), China's largest oil company, and its affiliates in various positions of increasing responsibility since 1994. Since 2018, he has been Executive Vice President of BGP. BGP is a subsidiary of CNPC and is the world's largest land seismic contractor. From 1994 to 1997, Mr. Zheng was Legal Representative & Financial Supervisor, Ecuador Branch. From 1997 to 1998, he was Representative of the Sudan Office of BGP International. From 1998 to 1999, Mr. Zheng was Manager of Strategy & Planning Department, BGP International. From 1999 to 2003, Mr. Zheng was Vice President of BGP International. From 2005 to 2009, Mr. Zheng was President of BGP International and Assistant President of BGP. From 2010 to 2018, Mr. Zheng was Vice President of BGP. He holds a Masters of Business Administration degree from the University of Calgary, Haskayne School of Business.
About ION Geophysical Corporation (NYSE:IO)
ION Geophysical Corporation is a technology focused company that provides geophysical technology, services and solutions to the global oil and gas industry. The Company offers services and products through four segments: Solutions, Systems, Software and Ocean Bottom Services (OBS). The Company’s Solutions segment provides over two service activities: Ventures group and Imaging Services group. The Company’s Systems segment’s products include Marine Acquisition Systems, Marine Positioning Systems and Geophones. The Company’s Software segment provides command and control software systems, related software and services for towed marine streamer, and seabed operations, as well as survey design. The Company, through OceanGeo B.V., offers an integrated OBS solution, which includes expert survey design, planning and optimization, superior data captured using multicomponent acquisition systems available to OceanGeo; data acquisition, and data processing, interpretation and reservoir services.