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In June 2021, the company announced the commencement of a second, significantly larger phase of its 11,000 sq km North Sea 3D multi-client program. However, the stock has lost 34% in price over the past three months and 50.6% over the past six months.
IO also has a history of long-term share price weakness. IO has lost 91% over the past three years and 76.5% over the past five years. In addition, its revenue and total assets have declined at CAGRs of 24.2% and 11.2%, respectively, over the past three years. IO also announced on September 15 that it is considering sales of assets, private or public equity transactions, debt financing, or some combination of these to strengthen its financial position. So, its near-term prospects look bleak.
