Geospace Technologies Closes $10M Sale of Deepwater Ocean Bottom Nodes
HOUSTON–(BUSINESS WIRE)–Geospace Technologies Corporation (NASDAQ: GEOS) today announced a $10M contract for the purchase of the Company’s OBX series of deepwater ocean bottom nodes from an international seismic contractor. The rental customer exercised an option in the Company’s rental agreement to purchase more than half of the nodes under this contract. The sale of the nodes occurred prior to the end of the Company’s second quarter of fiscal year 2022.
“We’re pleased our valued customer took advantage of the opportunity to convert a portion of this rental contract to a sale,” said Walter R. Wheeler, President and CEO, Geospace Technologies. “Our company’s strengths lie in the design, manufacture and delivery of some of the world’s most robust marine seismic equipment. Incentives we provide, such as the rental equity accrual toward purchase, streamline the path for our customer to choose our quality products to deliver trusted, actionable information to their clients.”
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