Geospace Technologies Closes Ocean Bottom Node Purchase Contract With Estimated Value of $10.5 Million

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08/27/2024 - 04:30 PM

HOUSTON--(BUSINESS WIRE)-- Geospace Technologies Corporation (NASDAQ: GEOS) today announced the sale of OBX-750E seabed ocean bottom wireless seismic data acquisition nodes to SAExploration, an international marine geophysical services provider. Based on current contract terms, the value of the agreement is estimated at $10.5 million. SAExploration exercised an option in the Company’s rental agreement to purchase the OBX-750E nodes under this contract.

“We appreciate SAE’s recognition of the long-term value provided through ownership of our robust shallow water ocean bottom nodes,” said Walter R. Wheeler, President and CEO, Geospace Technologies. “By exercising the purchase option in an existing rental contract, SAE gains the ability to cost effectively provide high quality data to their clients for years to come.”

As a leading innovator and manufacturer of marine seismic systems, Geospace Technologies offers ocean-bottom wireless seismic data acquisition node systems, permanent reservoir monitoring systems, and marine streamer accessories. The Company’s most recent seabed node offerings were designed to provide savings over the lifetime of ownership through improved logistics, operations, maintenance and repair. The Aquanaut™ is designed for extended-duration seabed ocean bottom seismic data acquisition. These nodes can be deployed in depths exceeding 3,048 meters with continuous recording for up to 200 days. The Mariner™ is designed for extended-duration seabed ocean bottom seismic data acquisition, ideally deployed at shallow depths down to 750 meters with continuous recording for up to 70 days.

About SAExploration

SAE is an international oilfield services company offering a full range of vertically-integrated seismic data acquisition and logistical support services throughout North America, South America, Asia Pacific, Africa and the Middle East. In addition to the acquisition of 2D, 3D, time-lapse 4D and multi-component seismic data on land, in transition zones and offshore in depths reaching 3,000 meters, SAE also provides in-house logistical support services, such as program design, planning and permitting, camp services and infrastructure, surveying, drilling, environmental assessment and reclamation, and community relations. SAE operates crews around the world, performing projects for its blue-chip customer base, including major integrated oil companies, national oil companies and independent oil and gas exploration companies. Headquartered in Houston, Texas, SAE supports its operations through a multi-national presence in the United States, Canada, Peru, Colombia, Bolivia, Malaysia, and Singapore. For more information, visit SAE's website at www.saexploration.com.

About Geospace Technologies

Geospace Technologies is a global technology and instrumentation manufacturer specializing in vibration sensing and highly ruggedized products which serve energy, industrial, government and commercial customers worldwide. The Company’s products blend engineering expertise with advanced analytic software to optimize energy exploration, enhance national and homeland security, empower water utility and property managers, and streamline electronic printing solutions. With more than four decades of operational excellence, the Company’s more than 600 employees across the world are dedicated to engineering and technical quality. Geospace is traded on the U.S. NASDAQ stock exchange under the ticker symbol GEOS and has been added to the Russell 2000®, Russell 3000®, and Russell Micro-cap®. For more information, visit www.geospace.com.