ION Geophysical Corporation (NYSE:IO) Files An 8-K Entry into a Material Definitive Agreement

ION Geophysical Corporation (NYSE:IO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement

On April 7, 2020, ION Geophysical Corporation (the “Company”) entered into a Settlement Agreement (the “Agreement”) with WesternGeco L.L.C. (“WesternGeco”) that ends the decade-long patent litigation between the two parties.
to the Agreement, WesternGeco will permanently dismiss the pending lawsuit, grant the Company a license to the underlying patents, and lift the injunction that prevents the Company from manufacturing DigiFINTM>in the United States.
In exchange, the Company agreed to pay a settlement value to WesternGeco based out of future revenues from the Company’s multi-client data library, comprising 1) a small percent of 2D multi-client late sales for a 10-year period, and 2) transferring a majority of the Company’s revenue share to WesternGeco on the parties’ existing joint multi-client reimaging product offshore Mexico. The parties also agreed to expand the existing multi-client collaboration opportunities through new arrangements within specific geographies and product offerings.
Item 8.01. Other Events.
On April 9, 2020, the Company issued a press release announcing a settlement of the decade-long patent litigation with WesternGeco regarding lateral streamer positioning. A copy of this press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits
EX-99.1 2 exhibit991prionsettlementw.htm EXHIBIT 99.1 ION SETTLEMENT WITH WG Exhibit Exhibit 99.1ION announces patent litigation settlement with WesternGecoHOUSTON — April 9,…
To view the full exhibit click here

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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.

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