SAExploration Signs Three Year Agreement With Hocol S.A. to Provide Geophysical Services in Colombia
April 12 2017 - 8:00AM
SAExploration Holdings, Inc. (NASDAQ:SAEX)
(OTCQB:SXPLW), or SAE, today announced the signing of a three year
agreement with Hocol S.A. to be its provider of seismic acquisition
services in Colombia. Founded in 1956, Hocol S.A. is a subsidiary
of Ecopetrol S.A., the national oil company in Colombia, and is
focused on exploration and production activities throughout the
country.
The agreement contains an option for renewal at
maturity. All project awards earned under this agreement will be
contracted through supplemental agreements on a project-by-project
basis. Business development efforts are currently underway with the
expectation of imminently receiving new awards for projects that
will begin in the second half of 2017. SAE further expects these
initial project awards to be followed by additional project awards
covering opportunities in 2018 and 2019.
Brian Beatty, COO of SAE, commented, “We are
very pleased to once again work with such a well-established
customer who is so integral to the oil and gas industry in South
America. Hocol’s commitment to safety, the local communities,
social responsibility and to the environment mirror our core values
at SAE. In addition to solidifying our strong market position, we
believe this agreement will serve as a catalyst for further growth
in activity within the broader exploration market in Colombia.”
About SAExploration Holdings,
Inc.
SAE is an internationally-focused oilfield
services company offering a full range of vertically-integrated
seismic data acquisition and logistical support services in remote
and complex environments throughout Alaska, Canada, South America,
Southeast Asia and West Africa. In addition to the acquisition of
2D, 3D, time-lapse 4D and multi-component seismic data on land, in
transition zones and offshore in depths reaching 3,000 meters, SAE
offers a full suite of logistical support and in-field data
processing services, such as program design, planning and
permitting, camp services and infrastructure, surveying, drilling,
environmental assessment and reclamation and community relations.
SAE operates crews around the world, performing major projects for
its blue-chip customer base, which includes major integrated oil
companies, national oil companies and large independent oil and gas
exploration companies. Operations are supported through a
multi-national presence in Houston, Alaska, Canada, Peru, Colombia,
Bolivia, Brazil and New Zealand. For more information, please visit
SAE’s website at www.saexploration.com.
The information in SAE’s website is not, and
shall not be deemed to be, a part of this notice or incorporated in
filings SAE makes with the Securities and Exchange
Commission.
Forward Looking Statements
This press release contains certain
"forward-looking statements" within the meaning of the U.S. federal
securities laws with respect to SAE. These statements can be
identified by the use of words or phrases such as “expects,”
“estimates,” “projects,” “budgets,” “forecasts,” “anticipates,”
“intends,” “plans,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions. These
forward-looking statements include statements regarding SAE's
financial condition, results of operations and business and SAE's
expectations or beliefs concerning future periods and possible
future events. These statements are subject to significant known
and unknown risks and uncertainties that could cause actual results
to differ materially from those stated in, and implied by, this
press release. Risks and uncertainties that could cause actual
results to vary materially from SAE’s expectations are described
under “Risk Factors” and “Cautionary Note Regarding Forward-Looking
Statements” in SAE’s filings with the Securities and Exchange
Commission. Except as required by applicable law, SAE is not under
any obligation to, and expressly disclaims any obligation to,
update or alter its forward looking statements, whether as a result
of new information, future events, changes in assumptions or
otherwise.
SAExploration Holdings, Inc.
Ryan Abney
Vice President, Finance
(281) 258-4409
rabney@saexploration.com
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