Geospace Technologies Signs $3 Million Mariner Rental Agreement

Rhea-AI Summary

Geospace Technologies Corporation (NASDAQ: GEOS) announced a $3.2 million rental contract with Walker Marine Geophysical for 3,000 Mariner® wireless seismic data acquisition nodes. The delivery is set for Geospace’s third quarter of fiscal year 2024. Mariner is designed for shallow water seabed use, with inductive charging, data download, and a slimmer profile for space savings on survey vessels.

HOUSTON--(BUSINESS WIRE)-- Geospace Technologies Corporation (NASDAQ: GEOS) today announced a rental contract with Walker Marine Geophysical, a high resolution land and marine seismographic surveyor provider who will rent 3,000 of the new product, Mariner®, shallow water seabed wireless seismic data acquisition nodes. Based on current contract terms, the minimum value of the agreement is $3.2 million. The delivery of Mariners will occur in Geospace’s third quarter of fiscal year 2024.

“We appreciate longtime customers such as Walker Marine who continue to recognize the value of gathering high quality data for their customers,” said Walter R. Wheeler, President and CEO, Geospace Technologies. “In today’s competitive ocean bottom node market, companies with staying power are choosing to protect their reputation and future business by selecting top quality seismic survey tools like Mariner. By including valuable features such as our internal heading sensor and built-in full resolution test generator, we ensure our customers deliver high quality results to their customers.”

Mariner is a shallow water seabed seismic data acquisition node designed with inductive charging and data download, which makes it a connector-free device. The USA designed and manufactured node continuously records for up to 70 days and offers accelerated recharging times. The device was engineered with a slimmer profile than industry standards to create space savings on seismic survey vessels, allowing contractors to fit up to 25% more nodes into a download/charge container.

About Walker Marine Geophysical

Founded in 1979, Walker Geophysical first used seismic technology to map coal in advance of underground mining. Over the course of the next three decades, Walker Marine Geophysical has worked on land and marine projects throughout the US, and overseas; from Africa, South America, Australia and New Zealand, to Mauritius, the Middle East and Indonesia. Today, the company provides land 3D seismic with state-of-the-art, autonomous nodes and vibrator sources. Also, the company performs 2D or 3D high resolution marine surveys with towed digital solid streamers or ocean bottom nodes

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. For more information on the Company, visit www.Geospace.com.

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Caroline Kempf, ckempf@geospace.com, 321.341.9305

Source: Geospace Technologies Corporation

FAQ

What is the value of the rental contract between Geospace Technologies Corporation and Walker Marine Geophysical?

The minimum value of the agreement is $3.2 million.

What are the key features of the Mariner® wireless seismic data acquisition nodes?

Mariner is designed with inductive charging, data download, and a slimmer profile for space savings on survey vessels.

What is the delivery timeline for the Mariner® nodes?

The delivery of Mariner nodes will occur in Geospace’s third quarter of fiscal year 2024.