MIND Technology Announces Order for Ultra-High Resolution Survey System

Rhea-AI Summary

MIND Technology, Inc. announces an order from ATLAS MARIDAN ApS for a specialized ultra-high resolution seismic streamer system. The system will be used in seismic site surveys for offshore windfarm installation, showcasing the capabilities of MIND's SeaLink technology.

THE WOODLANDS, Texas, March 11, 2024 /PRNewswire/ -- MIND Technology, Inc. ("MIND" or the "Company") (Nasdaq: MIND) announced today that its Seamap unit has been awarded an order by ATLAS MARIDAN ApS, a company of the ATLAS ELEKTRONIK Group, to provide a specialized SeaLink 2-D & 3-D, ultra ultra-high resolution ("UUHR") seismic streamer system. It is anticipated the system will be utilized in ultra-high resolution seismic site surveys in accordance with ISO19901 protocols.

Mark Welker, Vice President of MIND and Seamap Managing Director, stated, "We are excited to have received this initial order from ATLAS ELEKTRONIK, and we look forward to demonstrating the elite capabilities of our SeaLink technology and cultivating this new customer relationship, which we believe will result in additional orders in the future. The UUHR SeaLink systems can, we believe, be of great benefit in de-risking offshore windfarm installation by detecting sub-seafloor boulders and other geohazards. We think this further establishes Seamap as a key supplier of equipment for renewable energy projects."

About MIND Technology

MIND Technology, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia, and the United Kingdom. Its Seamap unit, designs, manufactures, and sells specialized, high performance, marine exploration, and survey equipment.

Forward-looking Statements

Certain statements and information in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, our objectives for future operations, future orders and anticipated delivery of existing orders, and future payments of dividends are forward-looking statements.  The words "believe," "expect," "anticipate," "plan," "intend," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature.  These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us.  While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.  All comments concerning our expectations for future revenues and operating results are based on our forecasts of our existing operations and do not include the potential impact of any future acquisitions or dispositions.  Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, without limitation, reductions in our customers' capital budgets, our own capital budget, limitations on the availability of capital or higher costs of capital, volatility in commodity prices for oil and natural gas.

For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof.  We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, unless required by law, whether as a result of new information, future events or otherwise. All forward-looking statements included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein.

Contacts:	Rob Capps, President & CEO
	MIND Technology, Inc.
	281-353-4475
	Ken Dennard / Zach Vaughan
	Dennard Lascar Investor Relations
	713-529-6600
	MIND@dennardlascar.com

 

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SOURCE MIND Technology, Inc.

FAQ

What company awarded MIND Technology, Inc. an order for a specialized seismic streamer system?

ATLAS MARIDAN ApS, a company of the ATLAS ELEKTRONIK Group, awarded MIND Technology, Inc. the order.

What is the name of the specialized seismic streamer system provided by MIND Technology, Inc.?

MIND Technology, Inc. provided the SeaLink 2-D & 3-D, ultra ultra-high resolution (UUHR) seismic streamer system.

What is the anticipated use of the specialized seismic streamer system provided by MIND Technology, Inc.?

The system is anticipated to be used in ultra-high resolution seismic site surveys in accordance with ISO19901 protocols.

Who is the Vice President of MIND Technology, Inc. and the Managing Director of Seamap?

Mark Welker is the Vice President of MIND Technology, Inc. and the Managing Director of Seamap.

What potential benefits does MIND Technology, Inc. believe the UUHR SeaLink systems can provide?

MIND Technology, Inc. believes the UUHR SeaLink systems can de-risk offshore windfarm installation by detecting sub-seafloor boulders and other geohazards.