SAExploration Holdings, Inc. (SAEX), or SAE, announced the signing of a three year agreement with Hocol S.A. to be its provider of seismic acquisition services in Colombia. Founded in 1956, Hocol S.A. is a subsidiary of Ecopetrol S.A., the national oil company in Colombia, and is focused on exploration and production activities throughout the country.
The agreement contains an option for renewal at maturity. All project awards earned under this agreement will be contracted through supplemental agreements on a project-by-project basis. Business development efforts are currently underway with the expectation of imminently receiving new awards for projects that will begin in the second half of 2017. SAE further expects these initial project awards to be followed by additional project awards covering opportunities in 2018 and 2019.
Brian Beatty, COO of SAE, commented, "We are very pleased to once again work with such a well-established customer who is so integral to the oil and gas industry in South America. Hocol's commitment to safety, the local communities, social responsibility and to the environment mirror our core values at SAE. In addition to solidifying our strong market position, we believe this agreement will serve as a catalyst for further growth in activity within the broader exploration market in Colombia."