Secures Long-Term Ocean Bottom Node Rental Contract with Estimated Value of $12M
July 20, 2022 geospace
OBX Product Line Rental Contracts Exceed $25M in Bookings for Fiscal Year 2022
Geospace Technologies Corporation (NASDAQ: GEOS) today announced an extended duration rental contract with SAExploration, an international marine geophysical services provider who will rent OBX-750E seabed ocean bottom wireless seismic data acquisition nodes. Based on current contract terms, the value of the agreement is estimated at $12M.
“Following our recent good news of a separate $4M OBX rental contract, we’re pleased to announce this sizeable, long-term contract with another trusted customer,” said Walter R. Wheeler, President and CEO, Geospace Technologies. “We’re realizing the benefit of our earlier investments to build and maintain a sizable fleet of seabed seismic nodes. Combined with our recently announced OBX rentals, the minimum value from OBX product rental contracts executed during the fiscal year exceed $25M. Additionally, our shallow water units are nearly at pre-pandemic utilization levels. Sales and rentals of our OBX product line have been a reliable revenue workhorse for the company and we are encouraged by the current resurgence.”