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ION Geophysical Corporation (NYSE: IO) has announced a third, fully underwritten phase of its Mid North Sea High 3D multi-client program, covering approximately 700 sq km offshore the UK. This initiative aims to fill a crucial gap in subsurface coverage and is strategically positioned for future investment due to low development costs and a stable regulatory environment. Data collection is scheduled from mid-September to late October, driven by client prefunding and interest in the region's geologically complex prospects.
ION Geophysical Corporation (NYSE: IO) reported Q2 2021 revenues of $19.7 million, marking a 40% increase from Q1 2021, but a 13% decrease year-over-year. The net loss for Q2 was $23.6 million, or $0.90 per share, widening from a loss of $5.2 million in Q2 2020. Year-to-date revenues dropped 57% to $33.8 million, and the net loss reached $30.7 million. Despite a sequential revenue improvement, the company faces a going concern issue due to uncertain market recovery, necessitating a $15-20 million cost reduction program and exploration of funding opportunities.
ION Geophysical Corporation (NYSE: IO) is set to release its second quarter 2021 financial results on August 11, 2021, after market close. The company will hold a conference call on August 12, 2021, at 10:00 a.m. Eastern Time to discuss the results, which will be available via phone and internet. Interested parties can access the live webcast at iongeo.com. A replay of the call will also be available until August 19, 2021.
ION Geophysical Corporation (NYSE: IO) projects second quarter 2021 revenues at approximately $20 million, reflecting a 40% sequential increase but a 13% decrease from the previous year. The company reported total liquidity of about $33 million, including $27 million in cash and $6 million in available borrowings. Additionally, backlog stands at $14 million due to advancements in its Mid North Sea High 3D multi-client program, utilizing Marlin™ and Orca® technologies for efficient surveys. CEO Chris Usher noted signs of market recovery amidst rising oil prices.
ION Geophysical Corporation (NYSE: IO) announced the election of Mr. Mark Doran and Mr. Gary Pittman to its Board of Directors, effective June 28, 2021. Both will serve on the Audit Committee. Mr. Doran, with over 30 years in banking and private equity, founded Taft Point Capital and has extensive investment experience. Mr. Pittman brings over 30 years in corporate roles, including as CFO for Geokinetics Inc. Their appointments come following recent restructuring transactions. The Chairman welcomed both for their financial expertise as ION aims to navigate challenging economic conditions.
ION Geophysical Corporation (NYSE: IO) has launched the second phase of its North Sea 3D multi-client program, expanding the survey area six-fold to around 11,000 sq km. The initiative benefits from lower development costs due to its proximity to shore and existing infrastructure. Utilizing advanced digital technologies like Marlin™ and Orca®, ION aims to enhance environmental sustainability while maximizing data collection efficiency. This phase is expected to contribute positively to earnings starting this summer, as the UK remains a highly attractive area for investment.
ION Geophysical Corporation (NYSE: IO) reported first quarter 2021 net revenues of $14.0 million, down 49% from Q4 2020 and 75% year-over-year. The net loss increased to $7.2 million, or $0.46 per share, with an adjusted net loss of $14.9 million. Backlog grew to $21.4 million, a 9% increase from Q4 2020. The company completed an exchange offer for its senior secured notes and a rights offering totaling $116.2 million. Despite low sales in Q1, the company anticipates revenue growth in upcoming quarters driven by strategic initiatives and a stronger market outlook for E&P spending.
ION Geophysical Corporation (NYSE: IO) will participate in the Oppenheimer 6th Annual Emerging Growth Conference virtually on May 11-12, 2021. Key executives, including Chris Usher, Mike Morrison, and Rachel White, will hold one-on-one meetings on May 12th. Interested parties can request invitations through oppenheimer.com/events.
ION Geophysical Corporation (NYSE: IO) will release its first quarter 2021 financial results on May 5, 2021, after market hours. A conference call will follow on May 6, 2021, at 10:00 a.m. ET, accessible via phone and webcast. The company aims to provide insights into its financial performance and strategic initiatives. Investors can also access a replay of the call until May 13, 2021. ION leverages advanced technologies to enhance decision-making in offshore energy and maritime operations.
