Geospace Technologies Signs $11.9 Million OBX Rental Agreement
Geospace Technologies (NASDAQ: GEOS) has secured a significant 240-day rental contract for its OBX-750E shallow water seabed wireless seismic data acquisition nodes. The agreement, valued at a minimum of $11.9 million, is with a leading global geophysical solution provider. Delivery of the OBX nodes is scheduled for Geospace's fourth quarter of fiscal year 2024.
The OBX-750E nodes can operate at depths up to 750 meters and are suitable for offshore waters, transition zones, and freshwater environments. They can continuously collect seismic data for up to 60 days once deployed. This contract highlights the ongoing demand for Geospace's proven technology in the competitive ocean bottom node market, offering reliable and cost-effective solutions for high-quality seismic surveys.
Geospace Technologies (NASDAQ: GEOS) ha ottenuto un contratto di noleggio di 240 giorni per i suoi nodi di acquisizione dati sismici wireless OBX-750E, progettati per fondali poco profondi. L'accordo, del valore di almeno 11,9 milioni di dollari, è stato stipulato con un fornitore globale leader in soluzioni geofisiche. La consegna dei nodi OBX è prevista per il quarto trimestre dell'anno fiscale 2024.
I nodi OBX-750E possono operare a profondità fino a 750 metri e sono adatti per acque offshore, zone di transizione e ambienti d'acqua dolce. Possono raccogliere continuamente dati sismici fino a 60 giorni una volta installati. Questo contratto evidenzia la continua domanda per la tecnologia collaudata di Geospace nel competitivo mercato dei nodi di fondo oceanico, offrendo soluzioni affidabili ed economiche per sondaggi sismici di alta qualità.
Geospace Technologies (NASDAQ: GEOS) ha obtenido un contrato de alquiler de 240 días para sus nodos de adquisición de datos sísmicos inalámbricos OBX-750E, diseñados para fondos marinos poco profundos. El acuerdo, valorado en un mínimo de 11,9 millones de dólares, se ha hecho con un proveedor global líder en soluciones geofísicas. La entrega de los nodos OBX está programada para el cuarto trimestre del año fiscal 2024.
Los nodos OBX-750E pueden operar a profundidades de hasta 750 metros y son adecuados para aguas offshore, zonas de transición y entornos de agua dulce. Pueden recopilar datos sísmicos de forma continua durante hasta 60 días una vez desplegados. Este contrato destaca la demanda continua de la tecnología probada de Geospace en el competitivo mercado de nodos de fondo oceánico, ofreciendo soluciones confiables y rentables para estudios sísmicos de alta calidad.
Geospace Technologies (NASDAQ: GEOS)는 얕은 해저 무선 지진 데이터 수집 노드 OBX-750E에 대해 240일 임대 계약을 체결했습니다. 이 계약의 가치는 최소 1,190만 달러로, 세계적인 지구물리학 솔루션 제공업체와 체결되었습니다. OBX 노드의 배송은 Geospace의 2024 회계연도 4분기로 예정되어 있습니다.
OBX-750E 노드는 최대 750미터 깊이에서 작동할 수 있으며, 해양 수역, 전이 구역 및 담수 환경에 적합합니다. 배치 후 최대 60일 동안 지속적으로 지진 데이터를 수집할 수 있습니다. 이 계약은 경쟁이 치열한 해저 노드 시장에서 Geospace의 검증된 기술에 대한 지속적인 수요를 강조하며, 고품질 지진 조사에 대한 신뢰할 수 있고 비용 효율적인 솔루션을 제공합니다.
Geospace Technologies (NASDAQ: GEOS) a obtenu un contrat de location de 240 jours pour ses nœuds d'acquisition de données sismiques sans fil OBX-750E, conçus pour les fonds marins peu profonds. Cet accord, d'une valeur d'au moins 11,9 millions de dollars, a été conclu avec un fournisseur mondial leader en solutions géophysiques. La livraison des nœuds OBX est prévue pour le quatrième trimestre de l'exercice 2024.
Les nœuds OBX-750E peuvent fonctionner à des profondeurs allant jusqu'à 750 mètres et sont adaptés aux eaux offshore, aux zones de transition et aux environnements d'eau douce. Une fois déployés, ils peuvent collecter des données sismiques en continu pendant jusqu'à 60 jours. Ce contrat met en évidence la demande continue pour la technologie éprouvée de Geospace sur le marché concurrentiel des nœuds de fond océanique, offrant des solutions fiables et rentables pour des études sismiques de haute qualité.
Geospace Technologies (NASDAQ: GEOS) hat einen bedeutenden 240-tägigen Mietvertrag für seine OBX-750E, drahtlosen seismischen Datenerfassungsnoden für flache Gewässer abgeschlossen. Der Vertrag hat einen Wert von mindestens 11,9 Millionen Dollar und wurde mit einem führenden globalen Anbieter geophysikalischer Lösungen geschlossen. Die Lieferung der OBX-Noden ist für das vierth Quartal des Geschäftsjahres 2024 geplant.
Die OBX-750E-Noden können in Tiefen von bis zu 750 Metern betrieben werden und sind für Offshore-Gewässer, Übergangsbereiche und Süßwasserumgebungen geeignet. Sie können nach der Installation bis zu 60 Tage lang kontinuierlich seismische Daten erfassen. Dieser Vertrag hebt die anhaltende Nachfrage nach der bewährten Technologie von Geospace im wettbewerbsintensiven Markt für Meeresboden-Noden hervor und bietet zuverlässige und kostengünstige Lösungen für hochwertige seismische Untersuchungen.
- Secured a $11.9 million rental contract for OBX-750E nodes
- 240-day rental agreement with a leading geophysical solution provider
- Demonstrates continued demand for Geospace's OBX technology
- None.
Insights
This $11.9 million rental agreement is a significant win for Geospace Technologies, representing a substantial revenue boost. The 240-day contract duration provides a stable income stream, enhancing the company's financial outlook for the upcoming fiscal year. With delivery scheduled for Q4 2024, investors can expect a positive impact on that quarter's financials.
The deal showcases Geospace's strong market position in the ocean bottom node market, which is important for offshore seismic surveys. This contract could potentially lead to future agreements, indicating a positive trend in demand for Geospace's technology. However, investors should note that the cyclical nature of the oil and gas industry may affect long-term demand for such equipment.
Overall, this agreement strengthens Geospace's revenue visibility and market standing, which should be viewed favorably by investors focused on the energy sector's technology providers.
Geospace's OBX-750E nodes represent cutting-edge technology in seismic data acquisition. The 60-day continuous data collection capability and 750-meter depth rating are impressive technical specifications that set these nodes apart in the market. This technology allows for extended survey durations and deeper water operations, potentially opening up new exploration opportunities for oil and gas companies.
The versatility of these nodes, capable of functioning in various environments from offshore waters to freshwater, demonstrates Geospace's innovative approach to meeting diverse client needs. This adaptability could be a key differentiator in winning future contracts.
From a technological standpoint, Geospace's ability to provide high-quality data acquisition at a lower operational cost indicates a strong value proposition, which could drive further market share gains in the competitive ocean bottom node sector.
This contract signals a positive trend in the seismic survey equipment market, suggesting a potential uptick in offshore exploration activities. The fact that a "worldwide leading geophysical solution provider" has chosen Geospace's technology indicates strong industry acceptance and could influence other players to follow suit.
The emphasis on "timely and cost-effective seismic surveys" in the announcement reflects the current market demands for efficiency in the oil and gas exploration sector. Geospace's ability to meet these needs positions them well in a competitive landscape where cost reduction is paramount.
Investors should view this as a positive indicator for both Geospace and the broader seismic technology market. However, it's important to monitor global energy trends and environmental regulations, as these factors can significantly impact the long-term demand for offshore exploration technologies.
“We are gratified to see the proven technology of the OBX-750E continuing to provide our seismic survey customers the ability to acquire high quality data for their clients,” said Walter R. Wheeler, President and CEO, Geospace Technologies. “In today’s competitive ocean bottom node market, companies must push the boundaries of timely and cost-effective seismic surveys. By partnering with Geospace, our longtime customers know they will perform reliable and precise surveys at the lowest investment and operational cost with a trusted degree of accuracy.”
The OBX-750E is an ocean bottom wireless seismic data acquisition node with a maximum operating depth of 750 meters. Nodes can be deployed in offshore waters and transition zones, which include estuaries, marsh wetlands, and freshwater environments, such as rivers and lakes. Once deployed, the OBX-750E can collect seismic data continuously for up to 60 days.
About Geospace Technologies
Geospace Technologies is a global technology and instrumentation manufacturer specializing in vibration sensing and highly ruggedized products which serve energy, industrial, government and commercial customers worldwide. The Company’s products blend engineering expertise with advanced analytic software to optimize energy exploration, enhance national and homeland security, empower water utility and property managers, and streamline electronic printing solutions. With more than four decades of operational excellence, the Company’s more than 600 employees across the world are dedicated to engineering and technical quality. Geospace is traded on the
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Caroline Kempf, ckempf@geospace.com, 713-986-8710
Source: Geospace Technologies Corporation
FAQ
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