Geospace Technologies Awarded $6.9M Sensor Contract

Rhea-AI Summary

Geospace Technologies (NASDAQ: GEOS) has secured a $6.9 million contract with an international seismic contractor for specialized geophones tailored for vibration monitoring in challenging environments. Production of these geophones will take place at the company's manufacturing facilities, with deliveries set to commence in May 2022. Walter R. Wheeler, President and CEO, emphasized the company's long-standing role in providing innovative solutions within the oil and gas sector, reflecting their commitment to engineering excellence in seismic data acquisition.

Positive

• Secured a $6.9 million contract, enhancing revenue outlook.
• Geophones production set to start in May 2022, indicating operational growth.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Geospace Technologies Corporation (NASDAQ: GEOS) today announced a $6.9M contract with an international seismic contractor to deliver a significant number of specialized geophones designed for vibration monitoring in rugged environments.

The geophones will be produced in the company’s manufacturing facilities with deliveries expected to begin in May 2022.

“Since 1980, Geospace Technologies has been an innovative force in the oil and gas industry’s global search for energy reserves using active seismic monitoring on land and seabed. Our paradigm-shifting approaches have solved engineering challenges in seismic data acquisition for decades,” said Walter R. Wheeler, President and CEO, Geospace Technologies. “We’re pleased to once again provide our miniature, high-definition geophones as part of a solution offered by a longtime customer.”

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 water meter products, imaging equipment and offshore cables.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211207006116/en/

Caroline Kempf, ckempf@geospace.com, 321.341.9305

Source: Geospace Technologies

FAQ

What is the recent contract value announced by Geospace Technologies?

Geospace Technologies announced a recent contract valued at $6.9 million.

When will Geospace Technologies start delivering the geophones?

Geospace Technologies is expected to begin deliveries of the geophones in May 2022.

Who is the customer for the geophones contract?

The customer for the geophones contract is an international seismic contractor.

What are the geophones used for?

The specialized geophones are designed for vibration monitoring in rugged environments.