SAExploration Announces Agreement to Acquire inApril AS

SAExploration Holdings, Inc. ("SAE") and inApril AS ("inApril") announced today that they have entered into a Combination Agreement and intend to enter into a Definitive Merger Agreement by the end of the year.

"SAE is excited to provide support for inApril's innovation and industry-leading development of safe, cost-effective, and automated seabed seismic technology," said SAE CEO Forrest Burkholder. "We use inApril technology because it creates extraordinary opportunities for our clients."

"Seismic technology, specifically ocean bottom node technology, is going through a generational change. The uplift in seismic data quality has an important and growing role in the geosciences – not just in carbon capture and storage or the development of hydrocarbons, but throughout the energy transition market globally. Seismic has never been safer, more efficient, or more sustainable," said Bob Basili, CEO of inApril. "Joining with SAE will take inApril's technology to the next level and will open doors for automation and reliability that will change the economics of seabed seismic exploration."

The acquisition is subject to regulatory and shareholder approval, and is expected to close in Q4 2024.