ION receives grant to support UK net zero target through port decarbonization

HOUSTON, Sept. 16, 2021 (GLOBE NEWSWIRE) — ION Geophysical Corporation’s Edinburgh-based Software group today announced the Company received a grant to advance port decarbonization through its climate-smart platform, Marlin SmartPort™. The grant supports the UK’s Ten Point Plan to address climate change and help achieve the country’s net-zero emissions target by 2050. The Data-Led Emissions Management (D-LEMA) project is part of the Clean Maritime Demonstration Competition, funded by the UK Department for Transport and delivered in partnership with Innovate UK. The 6-month pilot study will validate whether vessel fuel usage and carbon dioxide emissions can be reliably estimated in and around ports using the International Maritime Organization (IMO) global standard.

Announced in March 2020, and part of the Prime Minister’s Ten Point Plan to position the UK at the forefront of green shipbuilding and maritime technology, the Clean Maritime Demonstration Competition is a £20 million investment from government alongside a further ~£10 million from industry to reduce emissions from the maritime sector. The program is supporting 55 projects across the UK, including projects in Scotland, Northern Ireland and from the South West to the North East of England. As set out in the Clean Maritime Plan (2019), Government funding has been used to support early stage research relating to clean maritime. The program will be used to support the research, design and development of zero emission technology and infrastructure solutions for maritime and to accelerate decarbonization in the sector.

“Today approximately 90% of goods are transported by sea and global shipping accounts for nearly 3% of global CO2 emissions,” said Stuart Darling, Senior Vice President of ION’s Software group. “Our technology is focused on creating high value information that drives smarter, safer management of the 5,000+ ports globally and the 50,000+ cargo vessels that transit between them. This grant enables us to continue advancing our maritime digitalization platform, Marlin SmartPort, which integrates systems and data to provide better real-time visibility and actionable intelligence to operate with just-in-time efficiency, minimizing fuel consumption and emissions. Our goal is to develop and validate fuel monitoring capabilities to start tracking and, ultimately, to reduce port-related shipping emissions. On behalf of ION, I would like to thank our project partners, Plymouth Marine Laboratory, who will supply the data, and the Offshore Renewable Energy Catapult, who will assist with the analysis.”

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ION (Investor relations)

Executive Vice President and Chief Financial Officer
Mike Morrison, +1 281.879.3615
[email protected]

ION (Media relations)

Vice President, Communications
Rachel White, +1 281.781.1168
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The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks associated with the timing and development of ION Geophysical Corporation’s products and services; pricing pressure; decreased demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain production levels; the COVID-19 pandemic; the ultimate benefits of our completed restructuring transactions; and political, execution, regulatory, and currency risks. For additional information regarding these various risks and uncertainties, see our Form 10-K for the year ended December 31, 2020, filed on February 12, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with the Securities and Exchange Commission, including its Form 10-K, Form 10-Qs and Form 8-Ks filed during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.


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