Geospace Technologies Announces Order For Delivery Of A Marine Nodal System To Seafloor Geophysical Solutions
Geospace Technologies Corporation (NASDAQ:GEOS) today announced that it
received an order from a subsidiary of Seafloor Geophysical Solutions
Holdings Ltd (“SGS”) for a marine data acquisition system comprised of...
Geospace Technologies Corporation (NASDAQ:GEOS) today announced that it received an order from a subsidiary of Seafloor Geophysical Solutions Holdings Ltd (“SGS”) for a marine data acquisition system comprised of 2,304 stations of the company’s OBX deep water seafloor nodes and related equipment. SGS is a newly organized marine geophysical contractor with management located in Norway. The order value is $29.4 million and delivery of the OBX system is currently scheduled to occur late in the fiscal year 2014 second quarter ending March 31, 2014. “SGS is pleased to place this order with Geospace Technologies. The long life nodes are ideal for our data acquisition objectives and will be used on our first crew starting operations in the second calendar quarter of 2014. Combined with SGS' proprietary node handling system, the versatility and flexibility of the system will enable us to operate competitively in all water depths down to 3000 meters,” said Michael Scott, SGS’ Chief Executive Officer. “We are pleased that SGS has selected our nodal technology for their seafloor data acquisition needs. Our OBX marine nodal technology has been successfully deployed on various marine ocean bottom seismic surveys across the globe. We are committed to supporting SGS’ marine data acquisition efforts as they enter in this important sector of the geophysical industry,” said Gary D. Owens, Geospace’s President and CEO. Seafloor Geophysical Solutions is a marine geophysical company focusing on seafloor data acquisition, initially OBS (Ocean Bottom Seismic). SGS’ prime business will address enhanced oil recovery (EOR) and challenging exploration targets, including those in deep water. Additional information about SGS is available at www.seafloorgeosolutions.com. Geospace Technologies Corporation designs and manufactures instruments and equipment used by the oil and gas industry to acquire seismic data in order to locate, characterize and monitor hydrocarbon producing reservoirs. The company also designs and manufactures non-seismic products, including industrial products, offshore cables, thermal printing equipment and film.
In trading on Wednesday, shares of Geospace Technologies Corp crossed below their last reported book value — defined as common shareholder equity per share — of $25.04, changing hands as low as $23.92 per share. Geospace Technologies Corp shares are currently trading down about 7.5% on the day.