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Dawson Geophysical Company reports news about North American onshore seismic data acquisition services for oil and natural gas exploration and development customers, independent operators, major energy companies, and providers of multi-client data libraries. The company acquires and processes 2-D, 3-D, and multi-component seismic data in the continental United States and Canada, including work tied to land and land-to-water transition areas.
Recurring Dawson Geophysical developments include quarterly results, crew utilization, backlog, seismic survey demand, and capital spending on high-channel-count field equipment. Company updates also cover single node channel deployments, vibrator energy source capacity, CCUS seismic monitoring, and the use of seismic acquisition capabilities in carbon capture, geothermal, and critical rare-earth minerals applications.
Dawson Geophysical Company (DWSN) reported its financial results for Q4 and FY 2021, showing revenues of $10.84 million for Q4, up 22% from $8.88 million in Q4 2020, but a net loss of $6.98 million. For the full year, revenues fell 71.3% to $24.7 million, with a significant net loss of $29.09 million compared to $13.2 million in 2020. The company faces challenges with weak demand for seismic services and limited crew activity anticipated in 2022. A special shareholder meeting for a merger with Wilks Brothers is scheduled for March 15, 2022.
Dawson Geophysical Company (NASDAQ: DWSN) announced the successful completion of a tender offer by WB Acquisitions Inc., a subsidiary of Wilks Brothers, LLC, for outstanding common stock. The offer expired on January 14, 2022, with 15,285,001 Shares tendered, equating to approximately 73.5% of total outstanding Shares. The company will call a special shareholders meeting to approve the merger, requiring an 80% affirmative vote. The merger aligns with the Merger Agreement dated October 25, 2021, and aims to solidify Dawson as a subsidiary of Wilks.
Wilks Brothers, LLC has successfully completed its tender offer for Dawson Geophysical Company (DWSN), acquiring 15,285,001 shares at $2.34 each, representing approximately 73.5% of Dawson's outstanding shares. The offer expired on January 14, 2022. A special shareholder meeting will be convened to approve the merger, requiring at least 80% approval. If completed, Dawson will become a subsidiary of Wilks, and shares will no longer trade publicly. Non-tendering shareholders will receive the offer price in cash if the merger proceeds, but risks remain if shareholder approval is not obtained.
Wilks Brothers, LLC announced amendments to the Merger Agreement with Dawson Geophysical Company (DWSN) on January 10, 2022. The Minimum Condition for the merger has been reduced from 80% to 66.67%. Merger Sub plans to accept shares if conditions are satisfied. Dawson shareholders opting not to tender will receive $2.34 per share in cash after the merger. Weak market conditions have led to declining accounts receivable and increased cash burn rates, prompting Wilks to advocate for the merger as a means to enhance operational control. The Offer has been extended to January 14, 2022.
Wilks Brothers, LLC announces an extension of its cash tender offer for Dawson Geophysical Company (DWSN) until January 7, 2022, at 5:00 p.m. ET. As of January 3, 2022, approximately 71.2% of Dawson's outstanding shares had been tendered. Wilks aims to acquire at least 80% to proceed with a merger. The company cites declining market conditions leading to higher cash burn rates as motivation for the acquisition, emphasizing that Dawson would better manage costs as a private entity. Wilks believes the current offer represents optimal value for shareholders.
Wilks Brothers, LLC announced an extension of its cash tender offer to acquire Dawson Geophysical Company (NASDAQ: DWSN) until January 3, 2022. As of December 14, 2021, approximately 68.89% of Dawson's outstanding shares have been tendered. Wilks aims to secure at least 80% of shares to facilitate a merger. The company expects this acquisition will enhance cost control amidst challenging market conditions, asserting that delaying further could erode value for stakeholders. Wilks encourages Dawson stockholders to participate in the extended tender offer period.
Wilks Brothers, LLC has extended its cash tender offer to acquire Dawson Geophysical Company (DWSN) until 5:00 p.m. on December 14, 2021. As of November 30, 2021, approximately 66% of Dawson's outstanding shares had been tendered. Wilks aims to obtain at least 80% of Dawson's shares to facilitate a merger. The company believes that going private would help Dawson manage costs better in the current challenging market. Wilks warns that delays could erode shareholder value. Investors are encouraged to act during the extension period.
Dawson Geophysical Company (NASDAQ: DWSN) announced a tender offer by Wilks Brothers, LLC to purchase outstanding shares at $2.34 each, effective November 1-30, 2021. The company has faced significant revenue declines due to changes in capital allocation by exploration and production (E&P) companies. Despite cost-cutting measures, Dawson reports a negative net working capital position as of September 30, 2021, and anticipates lower activity levels through 2022. The board recommends shareholders tender their shares for liquidity in a challenging market.
Dawson Geophysical Company (NASDAQ: DWSN) reported a 78% revenue decline in Q3 2021, totaling $1.91 million, compared to $8.74 million in Q3 2020. The net loss for the quarter was $7.87 million or $0.33 per share, slightly higher than last year's loss of $7.84 million. For the first nine months of 2021, revenues decreased by 82% to $13.86 million. The company is facing challenges due to low demand for seismic services, leading to concerns about cash flow and future investments. Dawson has a pending acquisition offer from Wilks Brothers for $2.34 per share, with the offer period ending on November 30, 2021.
Dawson Geophysical Company (NASDAQ: DWSN) plans to release preliminary and unaudited financial results for Q3 2021 on November 4, 2021, before market opens. An investor conference call will be held later that day at 9:00 AM CT to discuss results and the pending tender offer by Wilks Brothers, LLC. Dawson operates in North America, providing seismic data acquisition services to various clients, including major oil and gas companies. The company highlights risks related to energy industry spending and the impact of the COVID-19 pandemic on its operations.