Acquisition of OceanGeo

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Acquisition of OceanGeo

Acquisition of OceanGeo

Prior to 2014, the Company owned a 30% ownership interest in OceanGeo B.V. (“OceanGeo”). OceanGeo specializes in seismic acquisition operations using ocean bottom cables deployed from vessels leased by OceanGeo. To further assist OceanGeo in acquiring backlog, in October 2013, the Company also agreed to loan OceanGeo additional funds for working capital, as necessary, up to a maximum of $25.0 million. Prior to obtaining a controlling interest in OceanGeo, the Company advanced a total of $18.9 million to OceanGeo.

In January 2014, the Company acquired an additional 40% interest in OceanGeo, through the conversion of certain outstanding amounts loaned to OceanGeo by the Company into additional equity interests of OceanGeo, bringing the Company’s total equity interest in OceanGeo to 70% and giving the Company control over OceanGeo. The Company began including in its results of operations, the results of OceanGeo from the date of the Company’s acquisition of a controlling interest.

In July 2014, the Company acquired the remaining 30% of OceanGeo, increasing its equity interest in OceanGeo to 100%.

The Company acquired OceanGeo as part of its strategy to expand the range of service offerings it can provide to oil and gas exploration and production customers and to put its Calypso^® ocean bottom seismic acquisition technology to work in a service model to meet the growing demand for ocean bottom seismic services.

The following summarized unaudited pro forma consolidated income statement information for 2014, assumes that the OceanGeo acquisition had occurred as of the beginning of the periods presented. The Company has prepared these unaudited pro forma financial results for comparative purposes only. These unaudited pro forma financial results may not be indicative of the results that would have occurred if the Company had completed the acquisition as of the beginning of the periods presented or the results that may be attained in the future. Amounts presented below are in thousands, except for the per share amounts:

Pro forma Consolidated ION Income Statement Information (Unaudited)	December 31,
	2014
Net revenues	$	518,742
Loss from operations	$	(114,346	)
Net loss	$	(126,492	)
Net loss applicable to common shares	$	(127,226	)
Basic and diluted net loss per common share	$	(11.70	)