MIND Technology Announces Order Award

Rhea-AI Summary

MIND Technology's Seamap unit has been awarded a contract worth over $5.0 million by PGS Geophysical for an ultra-high resolution 3-D seismic streamer system. The system is expected to be delivered in 2024 and will be used for PGS' new energy initiative, including offshore wind farms.

Positive

• MIND Technology secured a contract worth over $5.0 million for its ultra-high resolution 3-D seismic streamer system, which could positively impact the stock price.

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• None.

THE WOODLANDS, Texas, Oct. 23, 2023 /PRNewswire/ -- MIND Technology, Inc. ("MIND" or the "Company") (Nasdaq: MIND) announced today that its Seamap unit has been awarded an order by PGS Geophysical AS ("PGS") to provide an ultra-high resolution 3-D seismic streamer system for PGS' new energy initiative. The value of the contract, which is expected to be delivered in calendar 2024, is in excess of $5.0 million.   

Mark Welker, Vice President of MIND and Seamap Managing Director, stated, "We are proud to  have been selected in this competitive tender. We believe the capabilities and flexibility of our SeaLink seismic streamer system make it ideal for the high-resolution surveys required for new energy projects such as offshore wind farms. We are also pleased to continue our long-term relationship with PGS."

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

 

View original content:https://www.prnewswire.com/news-releases/mind-technology-announces-order-award-301963279.html

SOURCE MIND Technology, Inc.

FAQ

What is the contract awarded to MIND Technology for?

The contract is for an ultra-high resolution 3-D seismic streamer system.

Who awarded the contract to MIND Technology?

The contract was awarded by PGS Geophysical.

What is the expected value of the contract?

The contract is valued at over $5.0 million.

When is the system expected to be delivered?

The system is expected to be delivered in calendar 2024.

What will the system be used for?

The system will be used for PGS' new energy initiative, including offshore wind farms.