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Geospace Technologies Signs Shallow Water Ocean Bottom Node Rental Contract with Estimated Value of $9M
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Geospace Technologies Corporation (NASDAQ: GEOS) has secured a rental contract valued at $9 million with an international marine geophysical services provider for its OBX shallow water ocean bottom wireless seismic data acquisition nodes. This contract highlights the company's strong position in the energy exploration sector, showcasing the demand for its ocean bottom node offerings and emphasizing the reliability and simplicity of the OBX series products, as stated by CEO Walter R. Wheeler.
Positive
Secured a $9 million rental contract, enhancing revenue prospects.
Strong demand for OBX shallow water nodes, indicating market leadership.
High reliability and simplicity of product deployment strengthen competitive position.
Negative
None.
HOUSTON--(BUSINESS WIRE)--
Geospace Technologies Corporation (NASDAQ: GEOS) today announced a rental contract with an international marine geophysical services provider who will rent OBX shallow water ocean bottom wireless seismic data acquisition nodes. Based on current contract terms, the value of the agreement is estimated at $9 million.
“Our ocean bottom node offerings continue to dominate the market and experience high demand. We’re most pleased by the strength of our deep and shallow water rental fleet in the global energy exploration space. We’ve benefited from our OBX series products’ deployment simplicity combined with high quality and trusted reliability,” said Walter R. Wheeler, President and CEO, 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 excellence, Geospace’s more than 500 employees across the world are dedicated to engineering and technical quality. Geospace is traded on the U.S. NASDAQ stock exchange as GEOS. For more information, visit www.Geospace.com.
