Page 18 - NorthAmOil Week 44 2020

NorthAmOil NEWS IN BRIEF NorthAmOil

SERVICES in the first nine months of 2020, or a loss third quarter of 2020 was $23.9mn, or ($0.26)
of $1.69 per share, compared to a net loss per share, compared to net loss of $26.2mn,
ION reports third-quarter attributable to ION of $33.7mn, or a loss or ($0.29) per share, for the second quarter of
of $2.39 per share in the first nine months
2020, and net loss of $1.4mn, or ($0.02) per
2020 results of 2019. Year-to-date Adjusted Ebitda was share, for the third quarter of 2019.
Third quarter 2020 operating results
$16.5mn, a decrease from $22.7mn for the
ION Geophysical Corporation today reported first nine months of 2019. include the impact of $4.7mn of pre-tax
total net revenues of $16.2mn in the third At quarter close, the company’s total charges primarily reflecting the impairment
quarter 2020, a 29% decrease compared to liquidity of $59.4mn consisted of $51.1mn of of certain fixed assets and other non-cash
$22.7mn in the second quarter 2020 and a cash (including net revolver borrowings of charges, substantially all in the Fluids Systems
70% decrease compared to $53.2mn one year $22.5mn) and $8.3mn of remaining available segment ($3.9mn after-tax). Second quarter
ago. At September 30, 2020, backlog, which borrowing capacity under the revolving 2020 operating results include the impact
consists of commitments for multi-client credit facility, slightly below total liquidity of of $11.9mn of pre-tax charges primarily
programmes and proprietary imaging work, $65.5mn from one year ago. In response to reflecting inventory write-downs, severance
was $17.7mn or 77% higher compared to the market uncertainty from the COVID-19 charges, and facility exit costs in the Fluids
backlog at June 30, 2020. pandemic and lower oil and gas prices, the Systems segment, and a total increase to net
Net loss attributable to ION in the third company drew under its credit facility during loss of $8.2mn after-tax, inclusive of a gain on
quarter 2020 was $16.6mn, or a loss of $1.16 the first quarter 2020, of which $22.5mn extinguishment of debt.
per share, compared to a net loss attributable remains outstanding and in the company’s Paul Howes, Newpark’s president and
to ION of $3.7mn, or a loss of $0.26 per cash balances as of September 30, 2020. In chief executive officer, stated, “I remain
share in the third quarter 2019. The company addition, the company continues to work with extremely proud of the performance of
reported Adjusted Ebitda of $(6.6)mn for the its banking advisors and largest bondholder to our entire organization, as we’ve navigated
third quarter 2020, a decrease from $15.5mn proactively address the $121mn bond ahead through the combination of the oil & gas
one year ago. A reconciliation of Adjusted of its scheduled maturity in December 2021. industry dislocation, as well as the prolonged
Ebitda to the closest comparable GAAP ION GEOPHYSICAL, November 04, 2020 COVID-related headwinds. Adding to these
numbers can be found in the tables of this market headwinds, the third quarter was also
press release. Newpark Resources reports impacted by the most active hurricane year
Year-to-date net revenues were $95.4mn, a in the last decade, which caused repeated
28% decrease year-over-year compared to the third-quarter 2020 results work stoppages in the Gulf of Mexico. Despite
$132.0mn of net revenues one year ago. While these challenging conditions, we’ve continued
year-to-date revenues were down $36.6mn, Newpark Resources today announced results to execute the playbook laid out earlier this
the net loss attributable to ION improved for its third quarter ended September 30, year, pulling the required levers to maintain
by $9.6mn primarily due to the over $38mn 2020. Total revenues for the third quarter of positive free cash flow and reduce our debt
of structural changes and associated cost 2020 were $96.4mn compared to $101.9mn while right-sizing our cost structure in Fluids
reductions implemented earlier this year. for the second quarter of 2020 and $202.8mn Systems.
Net loss attributable to ION was $24.1mn for the third quarter of 2019. Net loss for the NEWPARK RESOURCES, November 03, 2020

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