Key Developments: Ion Geophysical Corp (IO)
6.28USD
17 May 2013
$0.10 (+1.62%)
$6.18
$6.24
$6.34
$6.24
874,301
922,431
$7.87
$5.52
Latest Key Developments (Source: Significant Developments)
Ion Geophysical Corp Announces Pricing Of $175 Million Private Offering Of Senior Secured Second Lien Notes Due 2018
Ion Geophysical Corp announced that it has priced its offering of $175 million aggregate principal amount of its senior secured second lien notes due 2018. The notes will carry a coupon interest rate of 8.125%. The Company intends to use the net proceeds from the offering to repay existing debt and for general corporate purposes, including for potential additional capital contributions to the Company's GeoRXT seabed seismic joint venture, thus improving its financial flexibility. The Company's obligations under the notes will be guaranteed by certain of its domestic subsidiaries. The offering is expected to close on or about May 13, 2013, subject to the satisfaction of customary closing conditions. Full Article
Ion Geophysical Corp Announces Offering Of $175 Million Of Senior Secured Second Lien Notes Due 2018
Ion Geophysical Corp announced that it intends to commence, subject to customary conditions, an offering of up to $175 million aggregate principal amount of its senior secured second lien notes due 2018. The Company intends to use net proceeds from the sale of the notes to repay existing debt and for general corporate purposes, including for potential additional capital contributions to the Company's GeoRXT seabed seismic joint venture, thus improving its financial flexibility. The Company's obligations under the notes will be guaranteed by certain of its domestic subsidiaries. Full Article
Reservoir Exploration Technology ASA Sells Stake in GeoRXT to Ion Geophysical Corp's Subsidiary
Reservoir Exploration Technology ASA announced that it is to sell a 30% shareholding in GeoRXT B.V. to ION International S.a.r.l (ION), a subsidiary of Ion Geophysical Corp. The consideration for the GeoRXT shares shall be USD 4 million. ION shall pay USD 1.5 million in cash to RXT. Further, ION shall let RXT use certain seismic cables delivered under an agreement with ION from April 2012 until completion of certain projects, but until no later than June 30, 2013. The use of the cables is valued to USD 2.5 million, and this value forms part of the contribution to be settled by ION for the shares in GeoRXT. The GeoRXT shares will be transferred to ION as soon as possible. Effective upon the share transfer, ION will pay the USD 1.5 million cash amount to RXT. The shares in GeoRXT had a book value of USD 5.5 million as of September 30, 2012, and RXT expects to record a net loss on the transaction of USD 1.5 million. Full Article
Ion Geophysical Corp Announces Retirement of Executive Chairman
Ion Geophysical Corp announced that on December 31, 2012, Robert P. Peebler retired as Executive Chairman of its Board of Directors, and ION Board member James M. Jay Lapeyre, Jr. became ION's Chairman of the Board. Mr. Peebler served as the Company's President and CEO from 2003 until January 1, 2012, when R. Brian Hanson become the company's President and CEO and Mr. Peebler transitioned to Executive Chairman. Mr. Peebler will continue to serve ION as a consultant to the Company and its Board of Directors. Full Article
Ion Geophysical Corp Announces Jury Verdict in WesternGeco Patent Infringement Lawsuit
Ion Geophysical Corp announced the jury returned a verdict against ION in a patent infringement lawsuit filed against ION by WesternGeco L.L.C. in the United States District Court for the Southern District of Texas. As previously disclosed by the Company, WesternGeco filed the lawsuit, styled WesternGeco L.L.C. v. ION Geophysical Corporation, in June 2009, alleging that ION's DigiFIN lateral streamer control system infringed several method and apparatus claims contained in four WesternGeco U.S. patents regarding control systems for marine seismic streamer steering devices. The jury found that ION willfully infringed the claims contained in WesternGeco's patents and awarded WesternGeco the sum of $105.9 million in damages, consisting of $12.5 million in reasonable royalty and $93.4 million in lost profits. A judgment has not yet been entered in the case. ION will be taking immediate steps to pursue all available legal options to overturn the verdict, including post-verdict motions and appeals. Full Article
Ion Geophysical Corp Comments On H2 2012 Guidance
Ion Geophysical Corp announced based on its market outlook and robust pipeline of order activity, the Company confidently investing in each of its businesses and remain positioned to achieve year-over-year improvement in both revenue and profitability in the back half of 2012 as compared to the same period last year. Full Article
CGG Veritas SA Announces Federal Circuit Court Affirmed Texas District Court Judgment on Patent Lawsuit Between Sercel and Ion Geophysical Corp
CGG Veritas SA announced that on February 17, 2012, the United States Federal Circuit Court of Appeals affirmed the judgment of the United States District Court for the Eastern District of Texas dated February 16, 2011 with regards to the lawsuit between Sercel and Ion Geophysical (ION) on the US patent N 5 852 242. An injunction that exclusively covers the Sercel digital sensor DSU technology and is limited to the territory of the United States will remain in effect until the patent expires in December 2015. The injunction does not restrict the right of Sercel or its customers to use, manufacture, sell or deliver the DSU and SeaRay products anywhere else in the world. It also does not cover the Sercel 408UL and 428XL recording systems; these recording systems can continue to be made, sold, and used in the United States. In addition, under the injunction, Sercel can continue to offer for sale, promote and market DSUs and SeaRays as long as the manufacture, sale and delivery of the DSUs and SeaRays occur outside the United States. Full Article
Ion Geophysical Corp Announces CEO Transition
Ion Geophysical Corp announced that on January 1, 2012, R. Brian Hanson became the Company's Chief Executive Officer, adding to the role of President he assumed in August when the company announced a planned leadership transition. Mr. Hanson assumed the position of CEO previously held by Robert P. Peebler, who became ION's Executive Chairman on January 1, 2012. Full Article
Ion Geophysical Corp Completes Seismic Data Acquisition In Marcellus Shale
Ion Geophysical Corp announced that it has successfully acquired 235 square miles of new 3D multi-client seismic data in the Marcellus shale play in central Pennsylvania. Known as ClearfieldSCAN, the survey is part of ION's growing library of ResSCANS 3D multi-client seismic data programs, managed by ION's GeoVentures group. Terms of acquisition were not disclosed. Full Article
Ion Geophysical Corp Appoints New Chief Financial Officer
Ion Geophysical Corp named Gregory J. Heinlein as its Senior Vice President and Chief Financial Officer (CFO). Mr. Heinlein will assume the CFO position previously held by R. Brian Hanson, the Company's President and Chief Operating Officer. Full Article
UPDATE 1-Brazil auto output, sales down in February on holidays
* Output down 18 pct, sales tumble 25 pct from January due to Carnival
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