Contract for Long-Term Ocean Bottom Node Awarded to Geospace Technologies

Source: www.gulfoilandgas.com 7/20/2022, Location: North America

The OBX-750E seabed ocean bottom wireless seismic data gathering nodes will be rented by SAExploration, a global provider of marine geophysical services, according to a contract extension issued by Geospace Technologies Corporation (GEOS). The value of the arrangement is assessed at $12M based on the parameters of the current contract.

“Following our recent good news of a separate $4M OBX rental contract, we’re pleased to announce this sizeable, long-term contract with another trusted customer,” said Walter R. Wheeler, President and CEO, Geospace Technologies. “We’re realizing the benefit of our earlier investments to build and maintain a sizable fleet of seabed seismic nodes. Combined with our recently announced OBX rentals, the minimum value from OBX product rental contracts executed during the fiscal year exceed $25M. Additionally, our shallow water units are nearly at pre-pandemic utilization levels. Sales and rentals of our OBX product line have been a reliable revenue workhorse for the company and we are encouraged by the current resurgence.”


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