Geospace Technologies Awarded $6.9M Sensor Contract
HOUSTON–(BUSINESS WIRE)–#energyexploration—Geospace Technologies Corporation (NASDAQ: GEOS) today announced a $6.9M contract with an international seismic contractor to deliver a significant number of specialized geophones designed for vibration monitoring in rugged environments.
The geophones will be produced in the company’s manufacturing facilities with deliveries expected to begin in May 2022.
“Since 1980, Geospace Technologies has been an innovative force in the oil and gas industry’s global search for energy reserves using active seismic monitoring on land and seabed. Our paradigm-shifting approaches have solved engineering challenges in seismic data acquisition for decades,” said Walter R. Wheeler, President and CEO, Geospace Technologies. “We’re pleased to once again provide our miniature, high-definition geophones as part of a solution offered by a longtime customer.”
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 water meter products, imaging equipment and offshore cables.
Caroline Kempf, email@example.com, 321.341.9305