Norway’s TGS and Paris-based CGG have emerged as front runners to acquire highly valued commercial assets from US seismic player ION Geophysical, which is in Chapter 11 bankruptcy proceedings.

ION filed for bankruptcy in April. Since then, well-funded players have been circling over the company’s carcass looking to snap up juicy assets and experienced personnel.

TGS said on 1 July that it was the successful bidder in an auction process related to ION’s multi-client and processing businesses — officially called E&P technology and services (EPTS).