ION Geophysical Corp. (NASDAQ: IO) stock gained by 12.42% at last close whereas the IO stock price plunged by 6.40% in the pre-market trading session. ION offers a strong data-driven selection to the offshore energy and marine operations sectors through new solutions, allowing clients to maximize investments and outcomes through access to our data, software, and unique analytics.
ION Geophysical Corporation said that revenue for the second quarter of 2021 is expected to be around $20 million. This is an increase of around 40% consecutively or a reduction of 13% from the previous period. At the end of the quarter, IO had about $33 million in total liquidity, consisting of $27 million in cash and roughly $6 million in remaining revolving credit facility borrowing capacity. IO’s Mid North Sea High 3D multi-client program in the North Sea was completed sooner than expected this quarter, utilizing IO’s patented Marlin and Orca digital technologies to collect the survey in a more effective, eco-friendly manner. Backlog is expected to exceed $14 million.
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Chris Usher, ION’s President, and Chief Executive Officer stated,
Revenues increased sequentially in the second quarter, confirming their anticipation that momentum would rise throughout the year. The two primary pillars of their expansion plan are still being implemented. IO’s new 3D initiative in the North Sea is off to a good start, due to higher industry backing. With a successful deployment in CalMac’s network of UK ports and a new Africa maritime digitization plan, they continue to diversify into ports and offshore logistics. Even in this uncertain climate, they are witnessing signs of market recovery while the oil prices have risen over 50% this year, and early movers are once again deliberately purchasing data.