NEWS

Geospace Technologies Corporation (NASDAQ: GEOS) announces the sale of Mariner™ ocean bottom wireless nodes to Caspian Engineering Company, a geologic-geophysical, engineering survey company operating in Kazakhstan. Based on current contract terms, the value of the agreement is estimated at $7.6 million. Delivery of the nodes is expected to occur during the Company’s third fiscal quarter.

“We are pleased that Caspian Energy has chosen to partner with Geospace by selecting the Mariner, our latest slim profile seabed data acquisition node, to meet their operational and seismic data quality needs.” said Rich Kelley, President and CEO, Geospace Technologies. “Wireless ocean bottom nodes have grown increasingly popular to tackle tough challenges in a wide variety of applications. We appreciate that Caspian Engineering trusts Geospace to deliver an innovative, high-quality seismic data acquisition system in an unbelievably ruggedized platform.”

As a leading innovator and manufacturer of marine seismic systems, Geospace Technologies offers ocean-bottom wireless seismic data acquisition node systems, permanent reservoir monitoring systems, and marine streamer accessories. The Company’s most recent seabed node offerings were designed to provide savings over the lifetime of ownership through improved logistics, operations, maintenance and repair. The Mariner™ is designed for extended-duration seabed ocean bottom seismic data acquisition, ideally deployed at shallow depths down to 750 meters with continuous recording for up to 70 days. The Mariner Deep™ is designed for extended-duration seabed ocean bottom seismic data acquisition. These nodes can be deployed in depths exceeding 3,048 meters with continuous recording for up to 200 days.

About Caspian Energy

Caspian Engineering Company provides a full range of services in the field of geologic-geophysical and engineering surveys using highly qualified personnel. The company applies a high-tech methodology, the latest equipment and devices for performance of services. The company works in the field of geological provisions, aligned with the study and development of mineral resources on the shelf and inland waters.