HOUSTON: ION Geophysical Corporation expects second quarter 2021 revenues to be approximately $20 million, an improvement of approximately 40% sequentially or a decrease of 13% from the prior period.
At quarter end, the Company’s total liquidity of approximately $33 million consisted of $27 million of cash (including net revolver borrowings of $20 million) and approximately $6 million of remaining available borrowing capacity under the revolving credit facility.
Backlog is estimated to be $14 million as the Company’s Mid North Sea High 3D multi-client program in the North Sea proceeded ahead of schedule this quarter, leveraging the Company’s proprietary Marlin™ and Orca® digital technologies to acquire the survey in a more efficient, eco-friendly manner.
“Second quarter revenues improved sequentially, consistent with our expectations of momentum building throughout the year,” said Chris Usher, ION’s President and Chief Executive Officer.
“We continue to execute the two main pillars of our growth strategy. Our new 3D program in the North Sea is progressing well with solid industry support. We continue to advance our diversification into ports and offshore logistics with a positive rollout in CalMac’s series of UK ports and a new Africa maritime digitalization strategy. Encouragingly, even in this uncertain environment, we are seeing some signs of market recovery – oil prices are up nearly 50% this year and early movers are starting to strategically purchase data again.”
Leveraging innovative technologies, ION delivers powerful data-driven decision-making to offshore energy and maritime operations markets, enabling clients to optimize investments and results through access to our data, software and distinctive analytics. www.iongeo.com