Geospace Technologies Awarded $4M Shallow Water Ocean Bottom Node Rental Contract

Rhea-AI Summary

Geospace Technologies (NASDAQ: GEOS) secured a $4M rental contract with an international marine geophysical provider for its OBX-750E seabed ocean bottom wireless seismic nodes. This follows a previous $10M sale and $7M in rental contracts, indicating increasing demand in offshore markets. Walter R. Wheeler, CEO, noted heightened interest in their wireless products during a recent exhibition in Madrid. The company's offerings cater not only to oil and gas but also to other industries including geotechnical applications.

Positive

• Secured a $4M rental contract, indicating strong market demand.
• Previous $10M sale and $7M in rental contracts signal sustained business activity.
• Increasing interest in wireless seismic products supports future growth.

Negative

• None.

Offshore Exploration Demand Builds Amid Global Focus on Energy Resources

HOUSTON--(BUSINESS WIRE)-- 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.”

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220712006131/en/

Media Contact: Caroline Kempf, ckempf@geospace.com, 321.341.9305

Source: Geospace Technologies

FAQ

What recent contract did Geospace Technologies announce?

Geospace Technologies announced a $4M rental contract for their OBX-750E seismic nodes.

How much revenue did Geospace Technologies generate in previous contracts?

Geospace Technologies previously reported a $10M sale and $7M in rental contracts.

Where did Geospace Technologies see increased interest in their products?

Increased interest was noted during an exhibition in Madrid.

What are the applications of the OBX-750E seismic nodes?

The OBX-750E nodes are used for shallow offshore seismic surveys.

What industries does Geospace Technologies serve?

Geospace Technologies serves the oil and gas industry, geotechnical applications, and others.