Powering Data-driven Decisions

Oppenheimer 6th Annual Emerging Growth Conference

May 11-12, 2021

Disclaimers

2

Forward-Looking Statements

The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and

Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that

are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking

statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include the risks

associated with the timing and development of ION Geophysical Corporation's products and services; pricing pressure; decreased

demand; changes in oil prices; agreements made or adhered to by members of OPEC and other oil producing countries to maintain

production levels; the COVID-19 pandemic; and political, execution, regulatory, and currency risks. For additional information regarding

these various risks and uncertainties, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with

the SEC on February 12, 2021. Additional risk factors, which could affect actual results, are disclosed by the Company in its filings with

the SEC, including its Annual Report on Form 10-K and any Quarterly Report on Form 10-Q and Current Report on Form 8-K filed

subsequently during the year. The Company expressly disclaims any obligation to revise or update any forward-looking statements.

Non-GAAP Financial Measures

This presentation contains certain non-GAAP financial measures. These measures should not be considered in isolation or as a

substitute for measures prepared in accordance with GAAP. These non-GAAP measures should be evaluated only in connection with our

GAAP results, including those in our Form 10-K. Reconciliations of these non-GAAP measures to the most directly comparable GAAP

measures are in the appendix.

ION – An innovative, asset light global technology company

3

ION

IS

POWERING

DATA-DRIVEN

DECISIONSz

Data Analytics

ION delivers powerful data-driven decision-making

to offshore energy and maritime operations markets.

Transforming information into insights, we enable

clients to improve decisions and results.

InsightsData Analytics

ION – An innovative, asset light global technology company

Technology-focused firm for 50+ years

– Listed on the NYSE under the ticker IO

– HQ in Houston with 10 global offices

– 420 staff, >20% with advanced degrees

Innovative with large IP portfolio

– ~450 patents and pending applications

– ~10% revenues invested in R&D annually

New strategy focused on generating

value and doing fewer things better

– FY-20 $123M rev $18M Adj EBITDA

– FY-19 $175M rev $32M Adj EBITDA

4

HEADQUARTERS

HOUSTON,TEXAS

Please see the appendix for reconciliations to comparable GAAP measures.

2D Subsurface Data

3D Subsurface Data

ION Business Segments and Strategy

5

Overview

Ambition

E&P Technology & Services

~75% Revenues

~$4B Market

Operations Optimization

~25% Revenues

~$10B Market

Subsurface database helps E&P companies

find and develop the lowest cost energy.Mission critical software and hardware optimize

vessel movements and operations.

Increase market share by providing new 3D

multi-client data with higher earnings potential.

Expand software core market success into new

attractive markets, initially E&P logistics and ports.

Diversifying into 2 much larger markets with higher earnings potential

Strategic Focus Areas and Growth Opportunities

6

Core

Core

Rebound

Marlin

& more

3D

Programs

• Diversify technologies into

attractive new markets

- Lessen impact of E&P cycles

- Increase share of recurring

software revenue

Grow

core

Broaden

core

offerings

Diversify

beyond

core

• Expected rebound in core market

- E&P fundamentals recovering

- Increasing data requirement to

rebalance portfolios and

optimize development

• Provide new 3D multi-client data

with higher earnings potential

- Builds on reimaging success

- Key proprietary technology

E&P Market DriversWhy subsurface data remains critical for our customers

0

20

40

60

80

100

120

1990 2000 2010 2020 2030

7

Global liquids production1990 - 2020

Production

Under

development

Discovered

Undiscovered

Continued investment

required to meet demand

Plenty of known reserves, but

at the wrong price point

E&P companies require data

to rebalance portfolios and

maximize value

E&P companies require data

to optimize production

History Forecast

Source: Rystad Energy

Oil and Gas Demand Rebounded Quickly from H1-20 Volatility

Fundamentals rebounded as

pandemic restrictions eased and

oil supply decreased

International, where ION is

focused, has been less impacted

than onshore North America

Expect U-shaped recovery

starting in second half of 2021

8 Source: Rystad Energy (March 2021)

80

85

90

95

100

105

$20

$30

$40

$50

$60

$70

$80

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2019 2020 2021 2022

Mill

ion b

pd

Bre

nt

Price U

SD

Global Liquids Supply and Demand: Base CaseUSD, Million bpd

Brent Price Base Case Liquids Supply by Quarter Liquids Demand By Quarter

E&P Technology & Services

9

E&P Technology & Services Operations Optimization

Create digital data assets and deliver services that improve

decision-making, mitigate risk and maximize value.

Multi-client Data Library

Leverage world-class geoscience skills to create

subsurface data underwritten by and licensed to

multiple E&P companies to optimize investments.

0

Imaging & Reservoir Services

Combine proprietary algorithms, AI and

experience to maximize image quality,

delivering enhanced subsurface insights.

Multi-client Subsurface Data Growth EngineIncrease market share by providing new 3D data with higher earnings potential

10

Access Exploration Appraisal Development ProductionE&P

Lifecycle

2D3D

Historical ION Focus Providing New 3D Multi-client Data

Higher resolution

imagery for higher

stakes decisions

Subsurface

Data

ION

A

BC

D

Other

Marine Multi-client

Market Opportunity

ION ~3% of ~$2.3B market,

largely comprised of new 3D data

Opportunity to provide new 3D data,

increasing share of a mature market

with higher, more consistent earnings

0

200,000

400,000

600,000

800,000

2015 2020

2D Data 3D Data

ION Data Library Evolution

Multi-client Subsurface Data Growth EngineIncrease market share by providing new 3D data with higher earnings potential

11

Tier 1 Imaging

Technology

3D Reimaging

MC Credibility

ION Source

Technology

+ + =Mature Market:

Why Shift to 3D Now is

Relevant and Credible

Leveraging technology

and experience

Program Type Collection Cost Return Profile Earnings Potential

2D $3-8m 1.5 - 5X $5-40m

3D Reimaging $0-5m 3 - 8X+ $5-40m+

3D Towed Streamer $20-40m 1.8 - 2.2X $35-90m

3D Ocean Bottom $60-100m 1.6 - 2.2X $90-220m

Why Shift to 3D is

Attractive

Higher, more consistent

earnings potential

Launched Initial

Project in North Sea

Up to 11,000 sq km

acquired 2020-2021

Only takes 1-2 3D new acquisition projects annually to double market share

Costs largely

underwritten

by clients

Offshore Optimization Market Drivers

Cloud computing

– Linking onshore and offshore

stakeholders

Artificial intelligence

– Autonomous vessels

– De-manning operations

Internet of Things

– An explosion of sensors drives

IoT, focusing on data analytics

12

Software integrates data

streams, improving situational

awareness and planning

Digitalization wave taking

place offshore, opportunity to

optimize maritime operations

Smarter, safer management

of maritime assets and people

via subscription model

Engineering & Consulting Services

Devices

Software

Operations Optimization

13

Develop mission-critical subscription offerings and engineering

services that enable operational control and optimization.

Devices

Develop intelligent devices controlled by

our software to optimize operations.

Software

Leverage leading data integration platform to

control and optimize operations in real-time.

Command and Control Actuator Foil

Command and Control Actuator Foil

E&P Technology & Services Operations Optimization

Extending the Reach of our Software Portfolio

14

Survey Design &

Planning

Survey Command

& Control

Operations

Optimization

Subsurface Field

QC & Analysis

Situational

Awareness

Towed

Streamer

Operations

Seabed

Operations

MESA

MESA

Orca

Gator

Marlin

Marlin

Core Software Portfolio Optimizes

Complex Data Collection Operations

Expanded to Optimize

Macro Operations

MESA Orca Gator Marlin

MESA is a leading software package that

provides a comprehensive set of tools for

optimizing onshore, offshore and transition

zone survey design and planning.

Orca is the industry standard in towed

streamer command and control software

utilized on 2D, 3D and high resolution

programs.

Gator command and control software is

designed for ocean bottom, transition zone

and electromagnetic subsurface data

collection.

Marlin marine optimization software

increases safety, security and efficiency

with full operational awareness in

challenging offshore environments.

Marlin Software Growth EngineAir Traffic Control for Marine Environment

Integrates environmental data with operational plans to

make complex offshore operational decisions in real-time

– Vessels, platforms, ocean currents, weather, etc.

Enabled paradigm shift offshore from radio and

spreadsheets to smart enterprise-wide SaaS software

– 150+ deployments to date

15

Real-time Operations

Optimization Market

Proprietary Data Management Platform

Integrated GIS Visualization Layer

Proprietary Application Layer

Diverse Data Inputs

Diverse Market Applications

Offshore Wind Shipping Port Mgmt Harbor Security E&P

GPS/AIS Operational plans Radar GIS Environmental data

Proprietary Data Management Platform

Integrated GIS Visualization Layer

Proprietary Application Layer

Diverse Data Inputs

Diverse Market Applications

Offshore Wind Shipping Port Mgmt Harbor Security E&P

GPS/AIS Operational plans Radar GIS Environmental data

Proprietary Data Management Platform

Integrated GIS Visualization Layer

Proprietary Application Layer

Diverse Data Inputs

Diverse Market Applications

Offshore Wind Shipping Port Mgmt Harbor Security E&P

GPS/AIS Operational plans Radar GIS Environmental data

Diversifying into energy production and ports and harbors

Long-term Maritime Digitalization Prospects are StrongUtilizing the Marlin Platform to Address Additional Markets

16

Ports and E&P Logistics ProgressPort Digitalization Potential (Marlin SmartPort)

90% of goods transported overseas

– >5,000 ports and 50,000 cargo vessels

Marlin ~$500M total addressable market

– 5,000 ports x 5% share x avg $100,000 annual SW

license = potential for $25M annual recurring revenue

Q1-20: 1 very satisfied port launch partner

Q2-20: 1,000 port marketing outreach

H2-20: Completed proof of concept trials, new

requirements defined and in development

Q4-20: Secured contract for 17 CalMac ports

Q1-21: Demo systems deployed with advanced

analytics that enhance decision-making

“The system has been running flawlessly –

successfully replacing outdated manual procedures

and improving efficiency as a result. I would not

hesitate to wholeheartedly recommend them.”

– Port of Montrose, Scotland

Sources: Trade 2.0 Inmarsat Research, United Nations Conference on Trade and Development, World Trade Organization

Reinventing Devices BusinessLeveraging Core Competencies and Technologies to Enter New Markets

17

Long-term Focus:

Waterside Security

Detecting and

managing potential

security threatsCommunications &

Data Management

Sensors

Acoustics

Fluid

Dynamics

Marine Seismic

Navigation Telemetry

In-water

Equipment

Electronics

Initial Focus:

Energy

Monitoring wells,

infrastructure and

environment

Innovations for SustainabilityClimate-smart infrastructure

Adapting our portfolio to sit at the nexus of key industrial

themes, so that ION and our customers can:

– Reduce environmental impact

– Optimize the safety and efficiency of operations

– Minimize greenhouse gasesEnergy

transition

SustainabilityDigitalization

Marlin™ software optimizes the safety,

efficiency, and emissions of offshore

operations

WellAlert™ real-time subsea

infrastructure monitoring assures

safe operating environments

Marlin™ software monitors and logs

marine mammal and fisheries

regulatory compliance

18

$32

$18

$0

$10

$20

$30

$40

FY-19 FY-20

Adjusted EBITDA ($m)

-$48

-$37

-$60

-$50

-$40

-$30

-$20

-$10

$0

FY-19 FY-20

Net Loss ($m)

Annual Financial Results

FY-20 Revenue of $123m, down 30% vs FY-19

– Largely due to COVID-19

FY-20 Net loss of $37m, improvement of $11m,

despite >$50m annual revenue reduction

– Positive impact of ~$40m of cost reductions

FY-20 Adjusted EBITDA of $18m vs $32m in FY-19

Backlog of $20m, up 11% QoQ and 4% YoY

– Increased for second consecutive quarter

Seeing improvement in market fundamentals,

expect recovery starting in H2-21

19 Please see the earnings release for reconciliations to comparable GAAP measures.

$175

$123

$0

$50

$100

$150

$200

FY-19 FY-20

FY Revenue ($m)

EPTS OO

$19

$20

$0

$10

$20

FY-19 FY-20

Backlog ($m)

$23

$1

($7)

($10)

$0

$10

$20

$30

Q1-20 Q4-20 Q1-21

Adjusted EBITDA ($m)

$15

$20$21

$0

$5

$10

$15

$20

$25

Q1-20 Q4-20 Q1-21

Backlog ($m)

Quarterly Financial Results

Q1-21 Revenue declined 49% QoQ and 75% YoY,

compounded by large year-end deal that closed Q1-20

– E&P Technology & Services down 64% sequentially

Lower multi-client sales, lengthy E&P budgeting process

– Operations Optimization down 8% sequentially

COVID-19 related slowdown in offshore seismic activity

Net loss of ($7m) vs ($13m) sequentially and ($2m) a

year ago

Adjusted EBITDA of ($7m) vs $1m sequentially and $23m

a year ago

– >$40m of cost savings from 2020 remain intact

Backlog increased to $21m, up 9% QoQ and 47% YoY

– Increased for third consecutive quarter

$40m liquidity, including $21m revolver borrowings

In April, added $14m to available cash from exchange

offer and rights offering

20 Please see the earnings release for reconciliations to comparable GAAP measures.

$43

$37 $34

$0

$10

$20

$30

$40

$50

Q1-20 Q4-20 Q1-21

Cash & Cash Equivalents ($m)

$56

$27

$14

$0

$10

$20

$30

$40

$50

$60

Q1-20 Q4-20 Q1-21

Revenue ($m)

EPTS OO

2021 Capital Markets Transactions

21

Existing

Bond

(2021)

$121m

New

Bond

(2025)

$116m

Completed $10m registered direct offering in February

Completed bond exchange and rights offering in April

– Bond restructuring

• Exchanged 94% of the existing 9.125% 2nd Lien Notes due Dec-2021 for new 8.00% 2nd Lien Notes due Dec-2025

• Extends maturity 4 years with a lower interest rate

• Convertible feature provides path to convert debt to equity over coming years ($3.00 conversion price)

• Only $7m of bonds due in Dec-2021 remain outstanding

– Rights offering

• Raised $42m out of a maximum of $50m, paid off cash portion of bond exchange and put ~$14m into the business

• Completion of restructuring transactions removes the substantial doubt to continue as a going concern raised in Q4-20

Pre

exchange

Post

exchange

Post

conversion

18m

shares

Debt

converts

to stock

68m

shares

29m

shares

Why ION

22

Technology leader:

Talented team and

strong history of

innovation for 50+ years

Asset light, data-focused:

Creative recurring revenue

business models with high

potential returns

Attractive growth:

Opportunities in ESG,

energy transition,

and digitalization

Significant opportunities to optimize decision-making

in capital-intensive and highly regulated industries

Broadened market:

Expanded into higher

value energy production

and marine technology

Imaging Using Sound WavesSubsurface Imaging is analogous to Medical Ultrasounds

24

Process the data to

image the subsurface

Interpret the data and

make recommendations

Acquire the data using

sound wave technology

Subsurface Imaging Sonogram Imaging

Experienced, Highly Capable Leadership TeamProven Track Records Delivering Returns in Technology & Energy

25

Chris Usher

President and CEO

Matt Powers

EVP, General Counsel

& Corporate Secretary

Mike Morrison

EVP and CFO

Lisa Ruiz

SVP, Human Resources

Ken Williamson

EVP, Innovation and

Strategic Marketing

Dale Lambert

EVP, E&P Technology

and Services

Sheila Rodermund

EVP, Operations

Optimization

Global Data Library>390,000 sq km 3D and >740,000 km 2D

ION 2D Data

ION 3D Data

Multi-client New Venture Process

27

Acquire permit to conduct survey from

government or secure rights to reprocess

existing survey

Seek client interest in program and secure

underwriting (discounted rate for early commitment)

Design the survey with input from

underwriters, local stakeholders and geological experts

Sanction the program if the underwriting is

sufficient and the program is promising

Oversee survey acquisition by third

party contractor

Receive, process, and interpret the data

Survey “goes on the shelf” when processing

and interpretation is complete

Clients can purchase data library off the

shelf

Data is fully amortized after 4 years, but we often have marketing

rights for 10 years

Reconciliation of Non-GAAP Financial MeasuresAdjusted EBITDA in thousands of USD

28

The term EBITDA (excluding non-recurring items) represents net loss before net interest expense, income taxes, depreciation and amortization and other non-recurring charges such as

impairment of long-lived assets. severance expenses and government relief. The term Adjusted EBITDA is EBITDA (excluding non-recurring items) but also excludes the impact of fair value

adjustments related to the Company’s outstanding stock appreciation awards. EBITDA (excluding non-recurring items) and Adjusted EBITDA are not measures of financial performance under

generally accepted accounting principles and should not be considered in isolation from or as a substitute for net income (loss) or cash flow measures prepared in accordance with generally

accepted accounting principles or as a measure of profitability or liquidity. Additionally, EBITDA (excluding non-recurring items) and Adjusted EBITDA may not be comparable to other similarly

titled measures of other companies. The Company has included EBITDA (excluding non-recurring items) and Adjusted EBITDA as a supplemental disclosure because its management believes

that EBITDA (excluding non-recurring items) and Adjusted EBITDA provides investors a helpful measure for comparing its operating performance with the performance of other companies that

have different financing and capital structures or tax rates.

Twelve Months Ended December 31,

2020 2019

Net loss $ (37,112) $ (47,214)

Interest expense, net 13,805 13,074

Income tax expense (benefit) 15,616 8,064

Depreciation and amortization expense 26,296 43,198

Impairment of multi-client data library 1,167 9,072

Impairment of goodwill 4,150 —

Severance expense 3,102 2,810

Amortization of government relief funding expected to be forgiven (6,923) —

EBITDA excluding non-recurring items 20,101 29,004

Stock appreciation rights (credit) expense (2,493) 2,910

Adjusted EBITDA $ 17,608 $ 31,914

Reconciliation of Non-GAAP Financial MeasuresAdjusted EBITDA in thousands of USD

29

The term EBITDA (excluding non-recurring items) represents net loss before net interest expense, income taxes, depreciation and amortization and other non-recurring charges such as

impairment charges and severance expenses. The term Adjusted EBITDA is EBITDA (excluding non-recurring items) but also excludes the impact of fair value adjustments related to the

Company’s outstanding stock appreciation awards. EBITDA (excluding non-recurring items) and Adjusted EBITDA are not measures of financial performance under generally accepted

accounting principles and should not be considered in isolation from or as a substitute for net income (loss) or cash flow measures prepared in accordance with generally accepted accounting

principles or as a measure of profitability or liquidity. Additionally, EBITDA (excluding non-recurring items) and Adjusted EBITDA may not be comparable to other similarly titled measures of

other companies. The Company has included EBITDA (excluding non-recurring items) and Adjusted EBITDA as a supplemental disclosure because its management believes that EBITDA

(excluding non-recurring items) and Adjusted EBITDA provides investors a helpful measure for comparing its operating performance with the performance of other companies that have

different financing and capital structures or tax rates.

(a) Includes reversal of valuation allowance on our net deferred tax assets of $7.7 million resulting from the going concern being removed for the three months ended March 31, 2021.

(b) Includes valuation allowance on our net deferred tax assets resulting from the going concern conclusion of $8.5 million for the three months ended December 31, 2020.

Three Months Ended

March 31, 2021 December 31, 2020 March 31, 2020

Net loss $ (7,254) $ (13,191) $ (2,304)

Interest expense, net 3,262 3,501 3,321

Income tax expense (benefit) (6,849) (a) 5,634 (b) 5,874

Depreciation and amortization expense 4,244 6,686 8,860

Impairment of multi-client data library — — 1,167

Impairment of goodwill — — 4,150

Severance expense — — 3,102

EBITDA excluding non-recurring items (6,597) 2,630 24,170

Stock appreciation rights (credit) expense 7 (1,541) (1,094)

Adjusted EBITDA $ (6,590) $ 1,089 $ 23,076