ION Geophysical gets court approval to sell another group of assets

By Sarah Lizee

Olympia, Wash., Aug. 25 – ION Geophysical Corp. received court approval to sell another group of assets, according to court documents filed with the U.S. Bankruptcy Court for the Southern District of Texas.

TGS ASA has agreed to purchase the company’s marine and data processing assets for $33 million.

As previously reported, the company also received court approval to sell three other sets of assets.

Sercel, Inc. and Sercel Holding SAS agreed to purchase the software assets for $20 million, Digicourse LLC agreed to purchase the devices assets for $1 million and Exion LLC agreed to purchase the debtor’s intellectual property and inventory assets for $10,000.

ION Geophysical is a Houston-based provider of geophysical technology, services and solutions for the oil and gas industry. The company filed Chapter 11 bankruptcy on April 12 under case number 22-30987.

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