Geospace Technologies Awarded $4M Shallow Water Ocean Bottom Node Rental Contract
Offshore Exploration Demand Builds Amid Global Focus on Energy Resources
HOUSTON–(BUSINESS WIRE)–#energyexploration—Geospace Technologies Corporation (NASDAQ: GEOS) today announced a $4M rental contract with an international marine geophysical services provider who will rent OBX-750E seabed ocean bottom wireless seismic data acquisition nodes for a shallow offshore seismic survey.
“During our recent exhibition at the European Association of Geoscientists and Engineers in Madrid, we experienced a significant increase in discussions surrounding the use of our wireless ocean bottom node products for both deep and shallow water applications,” said Walter R. Wheeler, President and CEO, Geospace Technologies. “This follows the announcements in our prior quarter of OBX related commerce that included a $10M sale and $7M in rental contracts. This contract provides further evidence of increased activity in offshore markets where our versatile ocean bottom node products can provide the high-quality data needed to reliably make critical exploration decisions.”
Geospace principally designs and manufactures seismic instruments and equipment. The company markets seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon-producing reservoirs. The company also markets seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. Geospace designs and manufactures other products of a non-seismic nature, including smart water connectivity tools, imaging equipment and specialty contract manufactured products.
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