ION Geophysical Narrows Q1 Loss

ION Geophysical has reported revenues of $33.5 million in the first quarter 2018, a 3% increase compared to revenues of $32.6 million one year ago.

ION’s net loss was $18.4 million, or $(1.44) per share, compared to a net loss of $23.3 million, or $(1.98) per share in the first quarter 2017.

Excluding special items in both periods, the company reported an adjusted net loss of $17.2 million, or $(1.34) per share, compared to an adjusted net loss of $18.3 million, or $(1.55) per share in the first quarter 2017.

The company reported adjusted EBITDA of $0.1 million for the first quarter 2018, a slight improvement to the break-even adjusted EBITDA one year ago. A reconciliation of adjusted EBITDA to the closest comparable GAAP numbers can be found in the tables of this press release.

Net cash flows from operations were $0.6 million during the first quarter 2018, compared to $1.8 million in the first quarter 2017. Total net cash flows, including investing and financing activities, were $(1.3) million, compared to $(3.2) million in the first quarter 2017.

At March 31, 2018, the company had total liquidity of $74.4 million, consisting of $50.8 million of cash on hand and $23.6 million of available and undrawn borrowing base under its revolving credit facility. At March 31, 2018, there was no indebtedness outstanding under the credit facility.

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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