INOVA Geophysical Company Profile

Background

Overview

INOVA Geophysical, established in March 2010, is a leading provider of land seismic technology, specializing in the design and manufacturing of seismic data acquisition systems for the oil and gas industry. The company was formed as a joint venture between BGP Inc., a subsidiary of China National Petroleum Corporation (CNPC), and ION Geophysical Corporation. BGP holds a 51% stake, while ION owns the remaining 49%.

Mission and Vision

INOVA's mission is to develop rugged and reliable seismic instruments that enable geophysical service providers to efficiently design and execute complex seismic acquisition programs for exploration and production (E&P) customers worldwide. The company aspires to be the leading land seismic technology provider of the 21st century.

Primary Area of Focus

INOVA focuses on land seismic acquisition equipment, including cabled and cable-less seismic data acquisition instruments, seismic source controllers, Vibroseis source actuators and vehicles, and MEMS digital seismic accelerometers. The company also offers field installation, start-up, seismic field service, and repair services.

Industry Significance

As a joint venture between BGP and ION Geophysical, INOVA combines BGP's extensive operational experience as the world's largest land seismic contractor with ION's tradition of innovation in land seismic product development. This collaboration ensures that INOVA's products remain at the cutting edge of technology, meeting the practical needs of contractors executing complex seismic programs in challenging environments.

Key Strategic Focus

Core Objectives

Technological Innovation: Continuously develop and integrate advanced seismic acquisition technologies to enhance data quality and operational efficiency.

Customer Satisfaction: Provide exceptional customer support through a global network of training, repair, and service centers, ensuring equipment reliability and client success.

Specific Areas of Specialization

Land Acquisition Systems: Design and manufacture both cabled and cable-less seismic data acquisition systems tailored for various operational environments.

Source Products: Develop Vibroseis source actuators and vehicles, along with source controllers, to deliver high-quality seismic energy.

Digital Sensors: Produce MEMS digital seismic accelerometers and geophone sensors for precise data collection.

Key Technologies Utilized

Quantum Nodal System: A high-density, broadband nodal acquisition system developed in collaboration with Innoseis, designed to reduce the cost of land seismic acquisition.

iX1 Central Software Platform: An integrated software solution that manages seismic operations, including data acquisition, quality control, and data management.

VectorSeis Digital 3C Receiver: A multicomponent sensor that captures full-wave seismic data, enhancing subsurface imaging capabilities.

Primary Markets Targeted

INOVA serves geophysical service providers and E&P companies involved in land seismic surveys, focusing on regions with complex terrains and challenging operational conditions. The company's equipment is utilized globally, including in the Middle East, North America, and Asia.

Financials and Funding

Funding History

INOVA Geophysical was established as a joint venture between BGP Inc. and ION Geophysical Corporation, with BGP holding a 51% stake and ION owning 49%. In March 2020, ION agreed to sell its 49% equity stake in INOVA to BGP for $12 million, making INOVA a wholly owned subsidiary of BGP.

Total Funds Raised

Specific details regarding the total funds raised by INOVA Geophysical are not publicly disclosed.

Notable Investors

BGP Inc.: A subsidiary of China National Petroleum Corporation, holding a 51% stake in INOVA.

ION Geophysical Corporation: Held a 49% stake in INOVA until March 2020.

Intended Utilization of Capital

The capital from the sale of ION's stake in INOVA was intended to support INOVA's ongoing operations, technological development, and global expansion efforts.

Pipeline Development

Key Pipeline Candidates

INOVA's product pipeline includes the Quantum Nodal System, developed in collaboration with Innoseis, and the iX1 Central Software Platform, both aimed at enhancing the efficiency and cost-effectiveness of land seismic acquisition.

Stages of Development

Quantum Nodal System: Launched in 2017, this system has been deployed in various regions, including the Middle East and India.

iX1 Central Software Platform: Integrated with INOVA's seismic acquisition systems, this platform is actively utilized in ongoing seismic surveys.

Target Conditions

Both products are designed to address the challenges of land seismic acquisition in complex terrains, such as densely forested areas, hilly terrains, and urban environments.

Relevant Timelines for Anticipated Milestones

Specific timelines for future product developments and milestones are not publicly disclosed.

Technological Platform and Innovation

Proprietary Technologies

Quantum Nodal System: A high-density, broadband nodal acquisition system that reduces the cost and complexity of land seismic surveys.

iX1 Central Software Platform: An integrated software solution that manages seismic operations, including data acquisition, quality control, and data management.

Significant Scientific Methods

Full-Wave Seismic Data Acquisition: Utilizing VectorSeis Digital 3C Receivers to capture full-wave seismic data, enhancing subsurface imaging capabilities.

High-Density Nodal Acquisition: Employing the Quantum Nodal System to enable high-density seismic surveys, improving data resolution and accuracy.

Leadership Team

Board of Directors

Atle Jacobsen: Director representing BGP Inc.

Zeng Ping: Director representing BGP Inc.

Xia Ying: Director representing BGP Inc.

Management Team

Li Rui – President: Appointed in December 2024, Li Rui has over 15 years of experience in the geophysical industry, including roles as Party Chief and Project Manager on various international projects. He holds a Bachelor's and Master's degree in Geological Engineering from the China University of Petroleum.

Gavin Pulford – Chief Financial Officer: Responsible for international finance, human resources, legal, and IT, Pulford has extensive international management experience and has held senior financial management positions in South Africa, England, Canada, and the USA. He holds a Bachelor of Business Administration in Cost and Management Accounting and a Bachelor of Business Administration in Production Management.

Yan Guo Ping – Chief Operating Officer: Appointed in June 2024, Yan has over 38 years of experience in the oil and gas geophysics industry. He holds a Master's Degree in Enterprise Management from the Capital University of Economics and Business in Beijing, China.

Competitor Profile

Market Insights and Dynamics

The land seismic equipment market is characterized by technological advancements and the need for cost-effective solutions. Key competitors include Sercel, Geospace Technologies, and FairfieldNodal, each offering a range of seismic acquisition systems and sensors.

Competitor Analysis

Sercel: A leading provider of seismic equipment, offering a comprehensive range of land and marine seismic acquisition systems.

Geospace Technologies: Specializes in seismic data acquisition systems and sensors, providing solutions for both land and marine environments.

FairfieldNodal: Offers wireless seismic data acquisition systems and sensors, focusing on land and shallow water applications.

Strategic Collaborations and Partnerships

INOVA has engaged in strategic collaborations to enhance its product offerings:

Innoseis Partnership: In 2017, INOVA partnered with Innoseis to develop the Quantum Nodal System, integrating Innoseis' Tremornet sensor technology with INOVA's iX1 software platform.

Mitcham Industries Rental Agreement: In 2017, INOVA entered into a rental partnership with Mitcham Industries, providing worldwide access to INOVA's onshore seismic acquisition products, including the Quantum Nodal System.

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