ION Geophysical Corporation (NYSE:IO) fell 7% after announcing that Brunei Shell Petroleum Co. (BSP) had awarded its five-year contract for a digital solution for Marine Logistics management. BSP is a joint venture between Shell and the Government of Brunei.
On Thursday, IO stock fell 6.60% to $0.6519 with more than 13.29 million shares, compared to its average volume of 5.83 million shares. The stock moved within a range of $0.5600 – 0.6550 after opening trade at $0.5820.
ION awarded five-year contract with Brunei Shell Petroleum for a digital solution to manage Marine Logistics
The Marlin software package will be used to offer the service, including vessel tracking, berth control, and visual analytics capabilities for material supply operations. The technology will automate a variety of manual procedures and integrate with current tools, allowing BSP to plan for the future while operating its fleet of more than 70 vessels that service over 200 offshore structures.
QHSE and operational efficiency are increased due to the capacity to communicate and display data for the whole operating field in a unified system across groups, reducing emissions, fuel consumption, and BSP’s total carbon footprint. SVP of ION’s Software group Stuart Darling said they are delighted to collaborate with BSP to see them become a digital integration leader in Exploration and Production Marine Logistics. So IO is worth watching.
“We are thrilled to be able to embark on this journey with BSP, to see them become a leader in digital integration of Exploration and Production Marine Logistics,” said Stuart Darling, Senior Vice President of ION’s Software group. “With every engagement, our goal is to demonstrate excellent service quality; we are delighted that our solution was chosen as part of a competitive tender process. By working closely with BSP over the next five years, we intend to leverage Marlin’s robust, cloud-based infrastructure, to digitize as many workflows as possible to ensure BSP reaps maximum value from their investment.”
IO stock is trading below the 20-Day and 50-Day Moving averages of $0.69 and $0.76 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.22.