Intrinsic value of ION Geophysical - IO

Previous Close

$9.14

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$9.14

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of IO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  202
  206
  211
  217
  224
  231
  239
  248
  257
  267
  277
  288
  300
  313
  327
  341
  356
  372
  389
  407
  426
  446
  467
  489
  512
  537
  562
  589
  618
  648
Variable operating expenses, $m
  251
  257
  263
  270
  278
  286
  296
  306
  317
  328
  330
  343
  357
  372
  388
  405
  423
  442
  463
  484
  506
  530
  555
  581
  609
  638
  668
  701
  735
  770
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  251
  257
  263
  270
  278
  286
  296
  306
  317
  328
  330
  343
  357
  372
  388
  405
  423
  442
  463
  484
  506
  530
  555
  581
  609
  638
  668
  701
  735
  770
Operating income, $m
  -50
  -50
  -51
  -53
  -54
  -55
  -57
  -58
  -60
  -62
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
  -122
EBITDA, $m
  -27
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
Interest expense (income), $m
  16
  17
  17
  18
  18
  19
  20
  21
  22
  24
  25
  26
  28
  30
  31
  33
  35
  37
  39
  42
  44
  47
  50
  52
  55
  59
  62
  66
  69
  73
  77
Earnings before tax, $m
  -66
  -67
  -69
  -71
  -73
  -75
  -78
  -81
  -84
  -87
  -79
  -82
  -86
  -90
  -95
  -100
  -104
  -110
  -115
  -121
  -127
  -134
  -141
  -148
  -155
  -163
  -172
  -181
  -190
  -200
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -66
  -67
  -69
  -71
  -73
  -75
  -78
  -81
  -84
  -87
  -79
  -82
  -86
  -90
  -95
  -100
  -104
  -110
  -115
  -121
  -127
  -134
  -141
  -148
  -155
  -163
  -172
  -181
  -190
  -200

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  306
  313
  321
  330
  340
  351
  363
  376
  390
  405
  421
  438
  457
  476
  496
  518
  541
  566
  591
  618
  647
  677
  709
  743
  778
  815
  855
  896
  939
  985
Adjusted assets (=assets-cash), $m
  306
  313
  321
  330
  340
  351
  363
  376
  390
  405
  421
  438
  457
  476
  496
  518
  541
  566
  591
  618
  647
  677
  709
  743
  778
  815
  855
  896
  939
  985
Revenue / Adjusted assets
  0.660
  0.658
  0.657
  0.658
  0.659
  0.658
  0.658
  0.660
  0.659
  0.659
  0.658
  0.658
  0.656
  0.658
  0.659
  0.658
  0.658
  0.657
  0.658
  0.659
  0.658
  0.659
  0.659
  0.658
  0.658
  0.659
  0.657
  0.657
  0.658
  0.658
Average production assets, $m
  124
  126
  130
  133
  137
  142
  147
  152
  157
  163
  170
  177
  184
  192
  200
  209
  218
  228
  239
  249
  261
  273
  286
  300
  314
  329
  345
  361
  379
  397
Working capital, $m
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
Total debt, $m
  161
  167
  174
  183
  192
  201
  212
  224
  236
  250
  264
  280
  296
  314
  332
  352
  372
  394
  417
  442
  468
  495
  524
  554
  586
  619
  654
  691
  731
  772
Total liabilities, $m
  276
  282
  289
  297
  306
  316
  327
  339
  351
  365
  379
  395
  411
  428
  447
  466
  487
  509
  532
  557
  582
  610
  638
  669
  700
  734
  769
  806
  845
  886
Total equity, $m
  31
  31
  32
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  78
  82
  85
  90
  94
  98
Total liabilities and equity, $m
  307
  313
  321
  330
  340
  351
  363
  377
  390
  406
  421
  439
  457
  476
  497
  518
  541
  566
  591
  619
  647
  678
  709
  743
  778
  816
  854
  896
  939
  984
Debt-to-equity ratio
  5.250
  5.340
  5.430
  5.530
  5.630
  5.730
  5.840
  5.950
  6.060
  6.170
  6.280
  6.380
  6.490
  6.590
  6.690
  6.790
  6.880
  6.970
  7.060
  7.140
  7.230
  7.310
  7.380
  7.460
  7.530
  7.590
  7.660
  7.720
  7.780
  7.830
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -66
  -67
  -69
  -71
  -73
  -75
  -78
  -81
  -84
  -87
  -79
  -82
  -86
  -90
  -95
  -100
  -104
  -110
  -115
  -121
  -127
  -134
  -141
  -148
  -155
  -163
  -172
  -181
  -190
  -200
Depreciation, amort., depletion, $m
  23
  23
  23
  24
  24
  24
  25
  25
  26
  26
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
Funds from operations, $m
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -109
  -115
  -121
  -127
  -133
  -140
  -148
  -156
  -164
Change in working capital, $m
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  -43
  -44
  -45
  -47
  -48
  -50
  -52
  -55
  -57
  -60
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -161
Maintenance CAPEX, $m
  -11
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
New CAPEX, $m
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
Cash from investing activities, $m
  -13
  -14
  -14
  -16
  -16
  -16
  -18
  -18
  -20
  -20
  -21
  -22
  -23
  -25
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -41
  -44
  -46
  -48
  -50
  -52
Free cash flow, $m
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -174
  -183
  -193
  -203
  -213
Issuance/(repayment) of debt, $m
  4
  6
  7
  8
  9
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
Issuance/(repurchase) of shares, $m
  67
  68
  70
  72
  74
  77
  79
  82
  85
  88
  80
  84
  88
  92
  97
  102
  107
  112
  118
  124
  130
  137
  144
  151
  159
  167
  176
  185
  194
  204
Cash from financing (excl. dividends), $m  
  71
  74
  77
  80
  83
  87
  90
  94
  98
  101
  94
  99
  104
  109
  115
  122
  128
  134
  141
  148
  156
  164
  173
  181
  191
  201
  211
  222
  233
  245
Total cash flow (excl. dividends), $m
  15
  16
  17
  18
  19
  19
  20
  21
  21
  22
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  30
  32
Retained Cash Flow (-), $m
  -67
  -68
  -70
  -72
  -74
  -77
  -79
  -82
  -85
  -88
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -159
  -167
  -176
  -185
  -194
  -204
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -52
  -52
  -53
  -54
  -56
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -79
  -83
  -86
  -91
  -95
  -100
  -105
  -110
  -116
  -121
  -128
  -134
  -141
  -148
  -156
  -164
  -172
Discount rate, %
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
  -48
  -44
  -41
  -39
  -36
  -33
  -30
  -27
  -24
  -22
  -19
  -17
  -14
  -12
  -10
  -8
  -7
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  65.6
  43.3
  28.6
  18.8
  12.4
  8.2
  5.4
  3.5
  2.3
  1.5
  1.0
  0.7
  0.5
  0.3
  0.2
  0.2
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

ION Geophysical Corporation is a technology-focused company. It provides geophysical technology, services and solutions to the global oil and gas industry. Its offerings are designed to enable oil and gas exploration and production (E&P) companies to obtain images of the Earth's subsurface. It offers services and products through three segments: E&P Technology & Services, E&P Operations Optimization, and Ocean Bottom Services. E&P Technology & Services provides services and products for complex and hard-to-image geologies, such as deepwater subsalt formations in the Gulf of Mexico and offshore East and West Africa and Brazil; unconventional reservoirs, such as those found onshore in shale, tight gas and oil sands formations, and offshore basin-wide seismic data and imaging programs. E&P Operations Optimization combines its Optimization Software and Services and Devices offerings. Ocean Bottom Services consists of OceanGeo, an ocean bottom data acquisition services company.

FINANCIAL RATIOS  of  ION Geophysical (IO)

Valuation Ratios
P/E Ratio -1.7
Price to Sales 0.6
Price to Book 2
Price to Tangible Book
Price to Cash Flow 53.9
Price to Free Cash Flow -7.7
Growth Rates
Sales Growth Rate -22.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -75.4%
Cap. Spend. - 3 Yr. Gr. Rate -34.4%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 271.7%
Total Debt to Equity 300%
Interest Coverage -3
Management Effectiveness
Return On Assets -12.7%
Ret/ On Assets - 3 Yr. Avg. -9.5%
Return On Total Capital -25.6%
Ret/ On T. Cap. - 3 Yr. Avg. -21.8%
Return On Equity -78.8%
Return On Equity - 3 Yr. Avg. -54.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 20.8%
Gross Margin - 3 Yr. Avg. 18.7%
EBITDA Margin 6.4%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin -25.4%
Oper. Margin - 3 Yr. Avg. -11.3%
Pre-Tax Margin -34.7%
Pre-Tax Margin - 3 Yr. Avg. -21.7%
Net Profit Margin -37.6%
Net Profit Margin - 3 Yr. Avg. -24.6%
Effective Tax Rate -8.3%
Eff/ Tax Rate - 3 Yr. Avg. -15.7%
Payout Ratio 0%

IO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IO stock intrinsic value calculation we used $197.554 million for the last fiscal year's total revenue generated by ION Geophysical. The default revenue input number comes from 0001 income statement of ION Geophysical. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IO stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.6%, whose default value for IO is calculated based on our internal credit rating of ION Geophysical, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of ION Geophysical.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IO stock the variable cost ratio is equal to 124.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for IO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 10.6% for ION Geophysical.

Corporate tax rate of 27% is the nominal tax rate for ION Geophysical. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IO are equal to 61.3%.

Life of production assets of 11 years is the average useful life of capital assets used in ION Geophysical operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IO is equal to -10.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $29.567 million for ION Geophysical - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 14.003 million for ION Geophysical is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of ION Geophysical at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
DWSN Dawson Geophys 4.57 1.54  str.sell
GEOS Geospace Techn 13.72 3.59  str.sell

COMPANY NEWS

▶ Ion Geophysical: 3Q Earnings Snapshot   [05:23PM  Associated Press]
▶ ION reports third quarter 2018 results   [04:15PM  PR Newswire]
▶ ION announces new reimaging program onshore Mexico   [Oct-30-18 04:58PM  PR Newswire]
▶ Ion Geophysical: 2Q Earnings Snapshot   [07:47PM  Associated Press]
▶ ION reports second quarter 2018 results   [04:15PM  PR Newswire]
▶ 4 Stocks in Limelight on New Analyst Coverage   [Jun-06-18 09:55AM  Zacks]
▶ Ion Geophysical: 1Q Earnings Snapshot   [May-03-18 05:05AM  Associated Press]
▶ ION reports first quarter 2018 results   [May-02-18 05:13PM  PR Newswire]
▶ ION announces 2018 Investor Day   [May-01-18 07:00AM  PR Newswire]
▶ ION retires $28.5 million of debt ahead of schedule   [Mar-26-18 04:15PM  PR Newswire]
▶ ION Geophysical Corporation to Host Earnings Call   [Feb-08-18 07:45AM  ACCESSWIRE]
▶ Ion Geophysical reports 4Q loss   [05:01AM  Associated Press]
▶ ION reports fourth quarter and year end 2017 results   [Feb-07-18 04:31PM  PR Newswire]
▶ Analysts Forecast for Halliburton after Its 4Q17 Earnings   [Jan-23-18 12:07PM  Market Realist]
▶ Wall Streets Forecasts for Weatherford before 4Q17 Earnings   [Jan-22-18 10:31AM  Market Realist]
▶ Analyzing Wall Street Targets for WLL, AREX, AROC, and IO   [Jan-18-18 07:34AM  Market Realist]
▶ ION Geophysical: Top Loser in the Oilfield Services Industry   [Jan-17-18 05:50PM  Market Realist]
▶ ION provides an update on the WesternGeco litigation   [Jan-16-18 08:30AM  PR Newswire]
▶ Did the Best-Performing OFS stocks Take Cues from Crude Oil?   [Nov-28-17 07:30AM  Market Realist]
▶ Short Interest in the Top 5 Oilfield Companies   [Nov-27-17 10:31AM  Market Realist]
▶ Analysts Target Prices for the Best-Performing OFS Stocks   [Nov-24-17 02:45PM  Market Realist]
▶ Ion Geophysical posts 3Q profit   [Nov-02-17 05:49AM  Associated Press]
▶ ION reports third quarter 2017 results   [Nov-01-17 06:39PM  PR Newswire]
▶ What Is ION Geophysical Corporations (IO) Share Price Doing?   [Oct-31-17 07:25AM  Simply Wall St.]
▶ ION extends new 2D multi-client program offshore Panama   [Sep-28-17 07:00AM  PR Newswire]
▶ Oilfield Services Gainers: TTI, IO, FTK, TESO, and NR   [Sep-15-17 03:34PM  Market Realist]
▶ Ion Geophysical reports 2Q loss   [Aug-04-17 01:49AM  Associated Press]
▶ ION reports second quarter 2017 results   [Aug-02-17 08:06PM  PR Newswire]

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