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SAExploration Holdings, Inc. (NASDAQ:SAEX, OTCBB:SAEXW)(“SAE” or “the Company”) today announced its first project award for logistical services and seismic data acquisition in Brazil, along with a new project award in Alaska for similar services. The aggregate value of these projects is approximately $40 million. SAE further announced that it recently surpassed 15,000,000 exposure hours worked without a lost-time injury.
New Project Awards
SAE plans to initiate operations on its first project in Brazil during Q2 2014 with a focus on the northwest portion of the country, near dense jungle environments with little precedent human interaction. The Company expects the project to last approximately three months.
The Company also received a new project award in Alaska, marking the third project earned in the region during recent months. The project will focus on the North Prudhoe Bay area of northern Alaska and is expected to begin during Q3 2014.
As characteristic of SAE, the Company will provide a full suite of in-house logistical services in advance of and throughout the life of both projects.
Brian Beatty, President and CEO of SAE, commented, “The project in Brazil reflects our focus on growing organically into new regions that fit within our core competency of operating in logistically challenging environments. Nearly all of our growth has been a direct result of targeted expansion into new markets, such as Brazil, a formula which has yielded positive results. The addition of our third Alaskan project in a matter of months illustrates the potential for continued growth within each market once our presence is established. ”
Key Operational Milestone
SAE also announced today that it recently surpassed 15,000,000 exposure hours, or more than 490 consecutive days, of successful operations without incurring a single lost-time injury. This significant accomplishment was achieved despite operating in some of the harshest environments in the world. SAE maintains an industry-leading health, safety and environmental (“HSE”) program that it believes is rarely matched by its competitors.