ION Geophysical (NYSE:IO) stock is rocketing higher on Wednesday as investors react to a deal with Brunei Shell Petroleum.
Brunei Shell Petroleum is a joint venture between the government of Brunei and Shell (NYSE:SHEL). Today’s news includes a five-year contract that will have ION Geophysical offering a digital solution to manage marine logistics.
According to ION Geophysical, this solution will make use of its Marlin software suite. Features of the digital offering include “vessel monitoring, berth management, and visual reporting tools for material supply workflows.”
ION Geophysical notes that this new solution will result in several manual processes being digitized. However, they will still continue to work with the company’s current tools. This should allow for easier management of Brunei Shell Petroleum’s over 70 vessels and more than 200 offshore structures.
Stuart Darling, senior vice president of ION Geophysical’s software group, said the following about the deal boosting IO stock higher today.
“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.”
Today’s news also has IO stock seeing heavy trading. As of this writing, more than 66 million shares have traded hands. That’s a massive surge over the company’s daily average trading volume of about 3.2 million shares.
IO stock is up 67.1% as of Wednesday morning.
Investors seeking more stock market news are in the right place!
InvestorPlace offers up all of the latest stock coverage in one convenient place! A few examples for today include what’s happening with shares of Netflix (NASDAQ:NFLX) stock, Lululemon (NASDAQ:LULU) stock and Procter & Gamble (NYSE:PG) stock. You can learn more about these matters at the following links!
More Wednesday Stock Market News
- Why Is Netflix (NFLX) Stock Plunging 35% Today?
- LULU Stock Alert: 13 Things to Know as Lululemon Announces 5-Year Growth Plan
- Why Is Procter & Gamble (PG) Stock Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
