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Awarded $4M Shallow Water Ocean Bottom Node Rental Contract

July 12, 2022 geospace

Offshore Exploration Demand Builds Amid Global Focus on Energy Resources

Geospace Technologies Corporation (NASDAQ: GEOS) today announced a $4M rental contract with an international marine geophysical services provider who will rent OBX-750E seabed ocean bottom wireless seismic data acquisition nodes for a shallow offshore seismic survey.

“During our recent exhibition at the European Association of Geoscientists and Engineers in Madrid, we experienced a significant increase in discussions surrounding the use of our wireless ocean bottom node products for both deep and shallow water applications,” said Walter R. Wheeler, President and CEO, Geospace Technologies.  “This follows the announcements in our prior quarter of OBX related commerce that included a $10M sale and $7M in rental contracts. This contract provides further evidence of increased activity in offshore markets where our versatile ocean bottom node products can provide the high-quality data needed to reliably make critical exploration decisions.”

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