Geospace Technologies Signs Deep Water Ocean Bottom Node Rental Contract With Estimated Value Of $7.3M

Rhea-AI Summary

Geospace Technologies Corporation (NASDAQ: GEOS) has secured a $7.3 million rental contract with a marine geophysical services provider for its OBX deep water seismic data acquisition nodes. This agreement highlights the company's ongoing success in securing rental contracts, driven by strong demand for high-resolution ocean bottom surveys. Additionally, Geospace launched a new affordable ocean bottom node for shallow water surveys called Mariner, aimed at enhancing operational efficiency and cost savings.

Positive

• Secured a $7.3 million rental contract with a marine geophysical services provider.
• Continued success in obtaining rental contracts reflects strong product demand.
• Launched the affordable Mariner ocean bottom node for shallow water surveys.

Negative

• None.

Continuing Steady Trend in Rental Contracts for Nodal Seabed Surveys

HOUSTON--(BUSINESS WIRE)-- Geospace Technologies Corporation (NASDAQ: GEOS) today announced an extended duration rental contract with an international marine geophysical services provider who will rent OBX deep water ocean bottom wireless seismic data acquisition nodes. Based on current contract terms, the value of the agreement is estimated at $7.3 million.

“This most recent announcement continues the steady series of secured rental contracts utilizing our OBX for high resolution ocean bottom nodal surveys. It’s clear that our product quality, reliability, and availability are well aligned to take advantage of current market conditions. We are privileged to be a chosen participant in the high value services our trusted customer provides to its clients,” said Walter R. Wheeler, President and CEO, Geospace Technologies.

Additionally, in response to increased demand for the information afforded by ocean bottom surveys, Geospace recently announced a new ocean bottom node for shallow water surveys known as Mariner. This new product will be highly affordable, both in its initial cost as well as its savings over the lifetime of ownership by way of improved logistics, operations, maintenance, and repair. To learn more about Geospace’s marine exploration products, visit https://www.geospace.com/products/marine-exploration/.

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/20221020006053/en/

Caroline Kempf, ckempf@geospace.com, 321.341.9305

Source: Geospace Technologies Corporation

FAQ

What is the value of the new rental contract announced by Geospace Technologies?

The new rental contract is valued at $7.3 million.

What product is Geospace renting out in the latest contract?

Geospace is renting out its OBX deep water ocean bottom wireless seismic data acquisition nodes.

What new product did Geospace recently launch for shallow water surveys?

Geospace launched the Mariner ocean bottom node for shallow water surveys.

How does Geospace's rental contract impact its business performance?

The rental contract demonstrates Geospace's ability to secure significant contracts, which bolsters its revenue and market position.