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ION Geophysical Corporation (NYSE: IO) will release its fourth quarter 2020 financial results on February 10, 2021, after market close. A conference call is scheduled for February 11, 2021, at 10:00 a.m. ET to discuss the results, which will be accessible via phone and webcast. Investors can access the webcast on ION's website, along with a presentation. A telephonic replay will be available until February 18, 2021. This event aims to provide insights into the company's performance and future outlook.
ION Geophysical Corporation (NYSE: IO) announced its first commercial deployment of the Gemini™ extended frequency source technology, expected to start in January 2021. This technology, which enhances subsurface imaging and supports novel acquisition methodologies, received interest from multiple energy companies following its commercialization in September. Gemini aims to improve operational efficiency while reducing environmental impact, demonstrating broader market applicability as ION expands its capacity and seeks regulatory approvals in more jurisdictions.
ION Geophysical Corporation (NYSE: IO) announced a Restructuring Support Agreement with 84% of holders of its 9.125% Senior Secured Second Priority Notes due December 2021. This agreement extends the maturity by four years to 2025, allowing for significant deleveraging. Shareholders will have the opportunity to participate in a $50 million Rights Offering for new convertible notes or common stock. The new notes will accrue 8.0% interest, mature in December 2025, and offer conversion rights. This restructuring aims to enhance liquidity and support long-term growth amidst market recovery.
ION Geophysical Corporation, based in Edinburgh, has been awarded a competitive tender to supply Marlin SmartPort™ as a port management information system to CalMac Ferries Ltd, the UK's largest ferry operator. This system will be implemented at 17 of CalMac's harbours, including key ports like Oban and Perth, over an initial four-year term. Marlin SmartPort aims to enhance operational efficiency, reducing administration time by up to 50%. This contract validates ION’s competitive positioning in the port management industry and supports CalMac’s modernization program.
ION Geophysical Corporation (NYSE: IO) reported Q3 2020 net revenues of $16.2 million, down 29% from Q2 and 70% year-over-year. The company experienced a net loss of $16.6 million, or $1.16 per share, compared to a loss of $3.7 million in Q3 2019. Year-to-date revenues fell 28% to $95.4 million, while total liquidity stood at $59.4 million. Despite challenging market conditions, ION's backlog rose 77% sequentially, driven by strategic shifts to 3D multi-client programs and proprietary technologies. The company anticipates a better Q4, bolstered by stable oil prices and increased client engagement.
ION Geophysical Corporation (NYSE: IO) will release its third quarter 2020 financial results on November 4, 2020 after market close. A conference call will follow on November 5, 2020, at 10:00 a.m. ET, providing insights into the company's performance. Investors can join the call by phone or through a live webcast. A telephonic replay will be accessible until November 19, 2020, along with an archived version of the webcast on ION's website. For more information, visit iongeo.com.
ION Geophysical Corporation (NYSE: IO) has announced the successful and early acquisition of the initial phase of its North Sea 3D multi-client program. Covering approximately 11,000 sq km, this survey marks a strategic entry into a key area of the UK Continental Shelf, enabling completion by the end of the 2021 season. The region's recent play-opening wells have increased industry interest. The program has also expanded client potential due to additional acreage awarded.
Final deliverables are expected in April 2021, and the next phase is planned for summer 2021.
ION Geophysical Corporation (NYSE: IO) announced the commercialization of its Gemini™ extended frequency source technology after successful deployment in the Gulf of Mexico. This new technology enhances geophysical fidelity in complex geological settings while minimizing environmental impact. Gemini offers a broader low-frequency spectrum, crucial for accurate geological modeling and cost-effective oil and gas extraction. Approved by environmental authorities in the US and UK, it is now available for immediate use, supporting ION's goal of expanding into the larger multi-client acquisition market.
ION Geophysical Corporation (NYSE: IO) will participate in the H.C. Wainwright 22nd Annual Global Investment Conference virtually from September 14-16, 2020. CEO Chris Usher and CFO Mike Morrison are scheduled to present on September 15 at 1:00 PM ET. One-on-one meetings will occur throughout the event. Interested parties can access the webcast and presentation slides on the ION Investor Relations website. A replay will be available post-event. The conference aims to connect investors with industry leaders.
ION Geophysical Corporation (NYSE: IO) will participate in the 9th Annual Gateway Conference on September 9-10, 2020. CEO Chris Usher and CFO Mike Morrison are set to present on September 10 at 2:00 PM PT. The conference will be held virtually, and further details, including a webcast link, are available on the ION Investor Relations website. A replay will be accessible post-event. ION utilizes innovative technologies to enhance decision-making in offshore energy and defense sectors.
