Dawson Geophysical Company announced that it has placed an order for 2,000 OYO GSR four channel boxes complete with three component geophones from OYO Geospace. The Company expects to take delivery of the OYO equipment during the Company's first fiscal quarter of 2011, which ends December 31, 2010. The purchase price for the OYO equipment is $6.1 million.
The addition of the new OYO GSR recording equipment will allow the Company to record 12,000 channels of multi-component data or up to 16,000 channels of conventional seismic data, either as a stand alone system or as added channel count and increased flexibility for the Company's existing ARAM recording systems.
The Company's board of directors has approved a $30,000,000 capital budget for fiscal 2011 to be used, in part, to purchase the GSR Channels and 10 new AHV-IV PLS364 vibrator energy source units from INOVA Geophysical Equipment Limited. The remainder of the capital budget is expected to be used to meet necessary capital maintenance requirements during fiscal 2011.