Why Is ION Geophysical (IO) Stock Up 68% Today?

ION Geophysical (NYSE:IO) stock is rocketing higher on Wednesday as investors react to a deal with Brunei Shell Petroleum.

a ship at a port in the ocean representing IO stock.

Source: Shutterstock

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.

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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.

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