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

By Amit Chowdhry ● March 23, 2021
  • The stock price of ION Geophysical Corporation (NYSE: IO) increased by over 10% pre-market. This is why it happened.

The stock price of ION Geophysical Corporation (NYSE: IO) increased by over 10% pre-market. Investors are responding to the company announcing 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. And the company reported the original Middle East deployment in January. This 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.

In the rapidly evolving energy landscape, E&P customers are seeking the most effective technologies to help rebalance their portfolios and achieve optimal ROI from their assets throughout the energy transition. And many of the attractive geographies for continued E&P investment coincide with some of the world’s most complex geological settings where more accurate imaging is essential for effective resource delineation and extraction. Gemini is uniquely supporting innovative acquisition methods that deliver the requisite improved data quality, with better environmental compliance, for enhancing critical client decision-making in these areas.

KEY QUOTE:

“We are delighted with our new offering’s robust performance on this survey, which demonstrated low technical downtime and achieved tight specifications for sailing speeds. The survey extension is a significant vote of confidence by the Super Major and is now expected to wrap up in late May. In response to strong industry demand, we plan to increase Gemini capacity four-fold for programs this summer.”

— Chris Usher, ION’s President and Chief Executive Officer

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.