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USA: Dolphin Geophysical Buys OGI

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Dolphin Group ASA  announces that through their subsidiary Dolphin Geophysical Inc.(US) the company have purchased the entire stock of Open Geophysical Inc. (OGI).

OGI develop and sell seismic processing software and has an existing client base including both major oil companies and seismic contractors. The software is purpose built for modern computer architectures and has an industry leading graphical user interface. It thus provides users with an efficient, cost effective and easy to use seismic processing platform. The newly developed software is already being used on the Polar Duchess for real time Quality Control of acquired data with impressive performance and in Dolphin’s new processing centre established in London.

All Dolphin vessels will be upgraded to the OGI software over the coming months. It will be used for on-board fast track, proprietary processing on the Duchess in the near future and to produce a high-end, fast track product on all future multi-client projects.

R. Gareth Williams, Chief Geophysicist of Dolphin said; “We are extremely excited to be investing in OGI and to be using the Open CPS software for both our on board and onshore, marine processing package. This is a major step towards developing our processing and multi-client services and hence capturing the full value chain in those businesses. We carefully reviewed all the available software platforms and this is a rare opportunity to work with a system designed completely in the 21st century. In addition, we see significant opportunities to support and grow the existing software sales business of OGI and are fully committed to supporting their current customers.”

Roland Gunther and Eric Foley, co-founders of OGI stated “Working with Dolphin will provide us with the opportunity and financial strength to increase the pace of development of our software and to benefit from working closely with an experienced team. We look forward to providing increased levels of support and technology to our current and future customers who are working with both land and marine seismic data. We expect OGI to benefit from the increased global exposure for the software via Dolphin’s multi-client and proprietary projects”

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USA: ION Reports Results for Third Quarter 2011

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ION Geophysical Corporation reported third quarter 2011 revenues of $115.7 million, compared to revenues of $121.6 million in the third quarter of 2010. Net income in the third quarter of 2011 was $8.7 million, or $0.06 per diluted share, compared to $11.9 million, or $0.08 per diluted share, in the third quarter of 2010.

ABOUT ION:

ION Geophysical Corporation is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry. ION’s offerings are designed to allow E&P operators to obtain higher resolution images of the subsurface to reduce the risk of exploration and reservoir development, and to enable seismic contractors to acquire geophysical data safely and efficiently.

ION Geophysical Corporation (NYSE: IO)

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Fugro Completes Zeus 3D Seismic Survey, Offshore Australia

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MEO Australia Limited  advises that Fugro Multi Client Services Pty Ltd completed acquisition of the Zeus 3D Marine Seismic Survey on 31 st October 2011.

MEO has committed to purchase 323 km 2 of the seismic survey covering 4 graticular blocks within exploration permit WA-361-P which fulfills its Permit Year 2 work commitment. MEO expects to receive the 3D pre-stack time migrated (PSTM) data sets by early May 2012.

WA-361-P participants

RXT Enters LOI for Seismic Acquisition Offshore West Africa

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The multi-component seismic company Reservoir Exploration Technology ASA (RXT) has entered into a LOI with an international oil company regarding acquisition of 4C seismic data in West Africa. The intention is to conclude the final contract during May and start up of the project will be in Q2.

The work is estimated to take 4-5 months, depending on the final lay out of the acquisition design. The final contract is subject to board and government approvals.

About RXT:

Reservoir Exploration Technology ASA (RXT) is the only marine geophysical company specializing in multi component seismic seafloor acquisition.

Multi-component seismic solves several imaging challenges that cannot be resolved with towed streamer seismic, and targets improved oil recovery from existing fields. The technology also gives better data quality for appraisal and development, and is also the solution where towed streamers are impractical due to high density of platforms and/ or shallow waters. The Company has offices in Oslo, Norway in Rio de Janeiro, Brazil in Abu Dhabi, UAE and Houston, Texas.

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