Tuesday, February 1, 2011

ION Geophysical to buy Canada's ARAM Systems for $346M - Houston Business Journal:

haygoodfoafyga1359.blogspot.com
a Canadian provider of cable-baserd land seismic recording systems forabout $346 Included in the deal is ARAM's affiliate Canadian Seismic Rentals Inc. Houston-based ION (NYSE: IO) will pay abouf $275 million in cash and the rest in common ION President and Chief Executive Officere Bob Peebler describes ARAM as a majoer player in the analog segment of the global marketffor cable-based land seismic recording systems. Says "...ARAM's reputation for engineering and supply chain product reliability, and value-adding customer support have contributed to rapidlgy growing revenues that now exceefd $100 million per year.
" Evercore Group LLC out of New York servedx as ION's financial advisor, while Houston-based Pickering, Holt & Co. LLC advisexd ARAM. ION is a provider of geophysicalp technology, services, and solutions for the global oil & gas industry. It aims to alloa exploration and production operators to get higher resolutio n images of the subsurface to reduce the risk of exploratiom andreservoir development, and enable seismicx contractors to acquire geophysical data more efficiently. The transactiomn is expected to be earnings neutrak for the remainder of 2008 and accretiveto ION's consolidated pro-forma earnings in 2009.

No comments:

Post a Comment