The US Bankruptcy Court gave an order approving the sale of the certain assets of ION Geophysical Corporation, GX Technology Corporation, GX Geoscience Corporation S. de R.L. de C.V., GX Technology Imaging Services Limited, GX Technology EAME Limited and ION International Holdings, L.P. on August 24, 2022. The debtor has been authorized to sell its certain assets to TGS ASA for a purchase price of $33 million in cash pursuant to the asset purchase agreement dated August 16, 2022. The debtor's assets include the Marine Data and Processing Assets.

On June 23, 2022, Buyer deposited with U.S. Bank National Association, in its capacity as escrow agent, the sum of $3.30 million by wire transfer. The seller is represented by Dan McGuire and J. Eric Johnson of Winston & Strawn LLP as its legal advisors and the buyer is represented by James Bailey and Frederic Smith of Bradley Arant Boult Cummings LLP as its legal advisors.