HOUSTON Ion Geophysical Corp. (IO) on Wednesday reported a loss of $7.2 million in its first quarter. The Houston-based company said it had a loss of 46 cents per…
Ion Geophysical: Q1 Earnings Snapshot
May 5, 2021
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HOUSTON (AP) Ion Geophysical Corp. (IO) on Wednesday reported a loss of $7.2 million in its first quarter.
The Houston-based company said it had a loss of 46 cents per share. Losses, adjusted for non-recurring gains, came to 95 cents per share.
The provider of seismic data to oil and gas companies posted revenue of $14 million in the period.
In the final minutes of trading on Wednesday, the company s shares hit $2.18. A year ago, they were trading at $1.75.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IO at https://www.zacks.com/ap/IO
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ION Geophysical Corp. has been awarded an exclusive agreement for 3D multi-client programmes 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.
“We are pleased Kenya’s Ministry of Energy and Petroleum selected ION to increase the understanding and promote the hydrocarbon potential of these offshore resources to attract future investment,” said Joe Gagliardi, Senior Vice President of ION’s Ventures group. “The program will leverage our extensive data library and knowledge offshore Kenya and East Africa. In an increasingly competitive environment for seismic data, we have geographic exclusivity in a promising, underexploited geography to ex