Geospace Technologies Signs Major Shallow Water Ocean Bottom Node Rental Contract for $20 Million
June 27 2023 - 4:30PM
Business Wire
First Significant Rental Contract with the
Newly Released Mariner® Product
Geospace Technologies Corporation (NASDAQ: GEOS) today announced
an extended duration rental contract with an international marine
geophysical services provider who will rent the new product,
Mariner®, shallow water seabed wireless seismic data acquisition
nodes. Based on current contract terms, including potential
options, the estimated value of the agreement is expected to reach
$20 million. The delivery of Mariners will occur in Geospace’s
first quarter of fiscal year 2024.
“Having only launched the Mariner less than a year ago, we’re
thrilled to see the rapid market adoption of our next generation
shallow seabed node. We appreciate the validation of our advanced
technology that this sizable rental contract from a valuable
customer represents,” said Walter R. Wheeler, President and CEO,
Geospace Technologies. “As evidenced by our profitable second
quarter of fiscal year 2023, our ocean bottom node rental revenue
has reached pre-pandemic levels. Ever increasing market demand
merited the addition of these next generation nodes to our fleet,
which has reached near full utilization over the last 18 months. We
remain vigilant in our thorough examination and understanding of
this market over the long term and how best to deploy our capital
in future investments.”
Mariner is a shallow water seabed seismic data acquisition node
designed with inductive charging and data download, which makes it
a connector-free device. The USA designed and manufactured node
continuously records for up to 70 days and offers accelerated
recharging times. The device was engineered with a slimmer profile
than industry standards to create space savings on seismic survey
vessels, allow contractors to fit up to 25% more nodes into a
download/charge container.
About Geospace Technologies
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 smart water connectivity tools, imaging equipment and
specialty contract manufactured products. For more information on
the Company, visit www.Geospace.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230627428860/en/
Caroline Kempf, ckempf@geospace.com, 321.341.9305
Geospace Technologies (NASDAQ:GEOS)
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