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Saexploration Awarded $40m New Project

Source: www.gulfoilandgas.com 9/22/2014, Location: South America

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SAExploration Holdings, Inc. announced a project award extension for an existing contract in Alaska and three new project awards for logistical support and seismic data acquisition services in Alaska and South America with an aggregate value of approximately $40 million.

The project award extension in Alaska will lengthen a contract in place for 2015 through the 2016 winter season, further strengthening the Company's North Slope operations. Additionally, SAE plans to initiate operations on a new, unrelated project in Alaska and two new projects in South America during late Q3 2014. These three new project awards collectively represent $26 million and should be completed in Q4 2014.

The Company will provide a full suite of in-house logistical services in advance of and throughout the life of these projects. No new capacity additions are required to complete the 2014 projects. Please refer to the Company's previously stated plan regarding capital expenditures as related to its North Slope operations in Alaska.

Brian Beatty, President and CEO of SAE, commented, "We are pleased with the development of our Alaska operations, as current activity levels within this key market lend support to our overall strategic direction. We are pursuing additional near-term opportunities in Alaska and Canada and we continue to target larger opportunities in expansion markets."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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