IO - Ion Geophysical secures contract in the Middle East LOI in East Africa

ION Geophysical Corporation (NYSE:IO) has won a contract with an Exploration and Production company in the Middle East and a Letter of Intent by a Ministry of Ports & Maritime Transport in East Africa for ION’s Marlin digital infrastructure. The contract are for the deployment and support of Marlin in multi-year contracts whose first year revenues are expected to exceed more than $10 million dollars in aggregate. The Letter of Intent is subject to the execution of final closing documents, which ION expects to occur in the first quarter of 2022. Shares are down 17.4% PM.

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Ion Geophysical secures contract in the Middle East, LOI in East Africa