ION Geophysical

ION Geophysical Corporation is a technology focused company that provides geophysical technology, services and solutions to the global oil and gas industry. The Company offers services and products through four segments: Solutions, Systems, Software and Ocean Bottom Services (OBS). The Company's Solutions segment provides over two service activities: Ventures group and Imaging Services group. The Company's Systems segment's products include Marine Acquisition Systems, Marine Positioning Systems and Geophones. The Company's Software segment provides command and control software systems, related software and services for towed marine streamer, and seabed operations, as well as survey design. The Company, through OceanGeo B.V., offers an integrated OBS solution, which includes expert survey design, planning and optimization, superior data captured using multicomponent acquisition systems available to OceanGeo; data acquisition, and data processing, interpretation and reservoir services.

ION Geophysical - Software Business provides a navigation system and optimizing land and marine seismic crews.

New digital technologies improve cross-industry coordination and decrease carbon footprint New digital technologies improve cross-industry coordination and decrease carbon footprint

ION starts second phase of North Sea 3D multi-client program

HOUSTON, June 01, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) and PGS (OSE: PGS) today announced the successful completion of a survey offshore Egypt acquired on behalf of Shell with an innovative Extended Long Offset (ELO) design in combination with ION's Gemini™ source technology. This is the last in a string of PGS programs successfully acquired in the Mediterranean starting in July 2020, and the first proprietary deployment of ION's extended frequency source. The Ramform Tethys towed a wide multi-sensor GeoStreamer® configuration, while the Ramform Sovereign towed ION's extended frequency source, designed to help capture richer low frequencies to improve subsurface characterization while limiting higher frequencies to a more ecologically-friendly range. All three companies are aligned in their dedication to sustainable business practices that minimize the environmental impact of operations.

ION and PGS successfully complete Shell Egypt survey with ELO survey design and Gemini source

ION Geophysical's (IO) CEO Chris Usher on Q1 2021 Results - Earnings Call Transcript

Ion Geophysical (IO) delivered earnings and revenue surprises of -55.74% and 0.26%, respectively, for the quarter ended March 2021. Do the numbers hold clues to what lies ahead for the stock?

Ion Geophysical (IO) Reports Q1 Loss, Tops Revenue Estimates

HOUSTON, May 05, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today reported total net revenues of $14.0 million in the first quarter 2021, a 49% decrease compared to $27.3 million in the fourth quarter 2020 and a 75% decrease compared to $56.4 million one year ago. At March 31, 2021, backlog, which consists of commitments for multi-client programs and proprietary imaging work, was $21.4 million or 9% higher compared to December 31, 2020.

ION reports first quarter 2021 results, reflecting third consecutive increase in backlog and transformed capital structure

HOUSTON, May 04, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced the Company will participate in the Oppenheimer 6th Annual Emerging Growth Conference to be held virtually on May 11-12, 2021. Chris Usher, President and Chief Executive Officer, Mike Morrison, Executive Vice President and Chief Financial Officer, and Rachel White, Vice President of Investor Relations, will participate in one-on-one meetings on May 12th. To learn more or request an invitation to the event, please visit oppenheimer.com/events.

ION to present at the Oppenheimer 6th Annual Emerging Growth Conference

HOUSTON, May 03, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced that it will release its first quarter 2021 financial results on Wednesday, May 5, 2021 after the market closes. In conjunction with the release, ION has scheduled a conference call, which will be broadcast live over the Internet, on Thursday, May 6, 2021 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).

ION announces first quarter 2021 earnings and conference call schedule

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HOUSTON, April 20, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (the “Company” or “ION”) today announced the successful completion of its previously announced offer to exchange (the “Exchange Offer”) the Company's 9.125% Senior Secured Second Priority Notes due 2021 (the “Old Notes”) for newly issued 8.00% Senior Secured Second Priority Notes due 2025 (the “New Notes”) and the other consideration in the form of cash and ION common stock, as described in the Company's Prospectus dated as of March 10, 2021 (the “Exchange Offer Prospectus”) and its previously announced rights offering (the “Rights Offering”) to its holders of common stock, par value $0.01 per share (the “Common Stock”) to purchase (i) $2.78 principal amount of the New Notes per Right, at a purchase price of 100% of the principal amount thereof or (ii) 1.08 shares of Common Stock per Right, at a purchase price of $2.57 per whole share of Common Stock, as described in the Company's Prospectus dated as of March 10, 2021 (the “Rights Offering Prospectus” and, together with the Exchange Offer Prospectus, the “Prospectuses”).

ION announces successful completion of its Exchange Offer and Consent Solicitation, and Rights Offering

HOUSTON, April 16, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced the Company will participate in the 24th Annual Burkenroad Reports Investment Conference to be held virtually on April 23, 2021. Rachel White, Vice President of Investor Relations, is scheduled to present on Friday, April 23rd at 11:45 a.m. Central Time.

ION to present at the 24th Annual Burkenroad Reports Investment Conference

HOUSTON, April 15, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (the “Company” or “ION”) today announced it is revising the previously announced settlement date of its Exchange Offer and Rights Offering. The extension is to enable all of the required information, exchange and clearing agents to finish validating, tabulating and processing the subscriptions given the complexity of the transactions. The Company now expects to settle on or about Monday, April 19, 2021.

ION revises settlement date of its Exchange Offer and Rights Offering

HOUSTON, April 13, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (the “Company” or “ION”) today announced the expiration and results of its previously announced Exchange Offer and Rights Offering.

ION announces expiration and results of its Exchange Offer and Rights Offering

HOUSTON, April 08, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced that the Company was awarded an exclusive agreement for 3D multi-client programs offshore Kenya. The agreement includes both 3D new acquisition offshore the Lamu Basin and reimaging vintage data offshore Kenya. Offshore Kenya is an attractive area with a proven petroleum system; however, it has remained underexplored, in part due to lack of available 3D data. The final shape and size of new 3D programs will be dictated by client input and underwriting.

ION awarded exclusive agreement for 3D multi-client programs offshore Kenya

ION Geophysical (IO) finalizes plans to launch the second phase of its North Sea 3D multi-client program, with the majority of the 11,000-sq-km industry-supported survey to be acquired this summer.

ION Geophysical (IO) to Begin Phase 2 of North Sea Survey Program

HOUSTON, April 05, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (the “Company” or “ION”) today announced that the Company expects to report first quarter 2021 revenues of approximately $14 million. The Company's cash balance at March 31, 2021 is expected to be approximately $34 million, including net revolver borrowings of $21 million. Total liquidity, consisting of cash on hand and remaining available borrowing base capacity under the revolving credit facility, is expected to be approximately $39 million at quarter end. Despite continued near-term market challenges, backlog increased for the third consecutive quarter to approximately $21 million, primarily due to the Company's strategic entry into the 3D new acquisition multi-client market. ION expects to recognize the majority of this backlog during the second and third quarters as its Mid North Sea High program progresses this summer.

ION announces preliminary first quarter 2021 results, an extension to participate in its Rights Offering and Exchange Offer to April 12th, and waiver of 95% Minimum Tender Condition

HOUSTON, March 30, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced that the Company has now finalized plans to launch the second phase of its North Sea 3D multi-client program, following on from Phase 1, which commenced in August 2020. The field data for this latest addition will be collected from approximately late April to mid-October. Located in a highly productive hydrocarbon province, the Mid North Sea High survey covers one of the few underexplored areas offshore the UK, which has garnered significant interest from recent play-opening wells with attractive development costs. Most of the ~11,000 sq km survey will be acquired this summer, covering an area six times larger than the initial phase. Since the program launched last August, additional underwriting was secured and additional acreage was awarded within the survey area, further validating the program's merits and expanding the potential client base for this new data asset.

ION finalizes plans to acquire second phase of North Sea 3D multi-client program

HOUSTON, March 25, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (the “Company” or “ION”) today announced that as of immediately after 11:59 p.m., New York City time, on March 24, 2021 (the “Early Tender Time”), the Company had received tenders and consents in its pending offer to exchange (the “Exchange Offer”) the Company's 9.125% Senior Secured Second Priority Notes due 2021 (the “Old Notes”) as set forth in the following table, for newly issued 8.00% Senior Secured Second Priority Notes due 2025 (the “New Notes”) and the other consideration described in the Company's Prospectus dated as of March 10, 2021 (the “Prospectus”).

ION announces preliminary results of pending Exchange Offer

ION Geophysical (IO) awards extension of the successful deployment of its Gemini source technology in response to the strong industry demand.

ION Geophysical (IO) Wins Extension of Gemini Tech Deployment

HOUSTON, March 23, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) (the “Company”) today announced that it has commenced its previously announced Rights Offering. The Company is distributing, at no charge, to its holders of common stock, par value $0.01 per share (the “Common Stock”) as of 5:00 p.m. New York City time on March 22, 2021 (the “Record Date”), non-transferable subscription rights (the “Rights”) to purchase (i) $2.78 principal amount of the 8.00% Senior Secured Second Priority Convertible Notes due 2025 (the “Notes”) per Right, at a purchase price of 100% of the principal amount thereof or (ii) 1.08 shares of Common Stock per Right, at a purchase price of $2.57 per whole share of Common Stock; provided that any Notes will only be issued in minimum increments of $1,000 and will be rounded down to the nearest whole increment of $1,000 and any shares of Common Stock will only be issued in whole numbers of shares with any fractional shares of Common Stock rounded down to the nearest whole share. Each holder of Common Stock will receive one Right for each share of Common Stock owned as of the Record Date. The maximum amount of net proceeds that the Company may receive from the Rights Offering is $50 million, before deducting certain fees and expenses of the offering. The Rights Offering is intended to generate proceeds to make certain payments to holders of its 9.125% Senior Secured Second Priority Notes due 2021 (the “Existing Second Lien Notes”) in the Company's previously announced Exchange Offer and for general corporate purposes. The Rights Offering will terminate, as to unexercised rights, at 5:00 p.m. New York City time on April 8, 2021, unless the Company elects to extend the Rights Offering. Holders who subscribe for all of their basic subscription rights can also elect to subscribe for additional shares pursuant to an over-subscription privilege.

ION announces commencement of Rights Offering

The stock price of ION Geophysical Corporation (NYSE: IO) increased by over 10% pre-market. This is why it happened.

IO Stock Price Increases Over 10% Pre-Market: Why It Happened

HOUSTON, March 22, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) today announced that the Super Major currently deploying the Company's Gemini™ extended frequency source on a proprietary survey has elected to extend the successful technology deployment. The Company reported the original Middle East deployment in January. The extension will nearly double the duration and area of the original commercial program, validating the technology's commercial readiness, data quality, and operational and environmental benefits.

ION awarded extension of Gemini source deployment by Super Major

Investors need to pay close attention to Ion Geophysical (IO) stock based on the movements in the options market lately.

Are Options Traders Betting on a Big Move in Ion Geophysical (IO) Stock?

HOUSTON, March 10, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (“ION” or the “Company”) (NYSE: IO) today announced it has commenced an offer to exchange (the “Exchange Offer”) any and all of its outstanding 9.125% Senior Secured Second Priority Notes due 2021 (the “Old Notes”) for its new 8.00% Senior Secured Second Priority Notes due 2025 (the “New Notes”) and the other consideration described below, upon the terms and subject to the conditions set forth in its prospectus dated today (the “Prospectus” and, together with the related letter of transmittal, the “Offering Materials”) and filed with the Securities and Exchange Commission (the “SEC”).

ION commences Exchange Offer and Consent Solicitation for 9.125% Second Lien Notes due 2021

HOUSTON, March 09, 2021 (GLOBE NEWSWIRE) -- ION Geophysical Corporation (NYSE: IO) announced today that it is proceeding with steps to launch its previously announced rights offering (“Rights Offering”) for its New Second Lien Convertible Notes (“New Notes”) or its Common Stock, as part of its restructuring transactions (the “Restructuring Transactions”) approved by shareholders on February 23, 2021. The Company has filed a registration statement on Form S-1 with the Securities and Exchange Commission (“SEC”). The Company expects to launch the Rights Offering after the Registration Statement is declared effective by the SEC.

News for ION Geophysical Stock (IO)