MIND Technology, Inc. Receives Source Controller Orders

Rhea-AI Summary

MIND Technology, Inc. (NASDAQ: MIND) announced a purchase order from Sanco Shipping AS for a Seamap GunLink 4000 source controller upgrade, valued at approximately $2.0 million. An additional order for a GunLink 2500 upgrade is also committed. The first system's delivery is expected by January 31, 2021, while the second is anticipated in early 2022. The upgrades will enhance vessel capabilities with dual near field hydrophone recording. Co-CEO Guy Malden highlighted this as evidence of the company's leading position in marine seismic exploration technology.

Positive

• Received a purchase order from Sanco Shipping AS valued at approximately $2.0 million.
• Commitment for an additional upgrade order indicates growing business demand.
• Upgrades enhance capabilities of vessels, potentially leading to increased customer satisfaction and market demand.

Negative

• None.

THE WOODLANDS, Texas, Oct. 29, 2020 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) ("MIND" or "the Company") today announced that it has received a purchase order from Sanco Shipping AS ("Sanco") for the supply of a Seamap GunLink 4000 source controller upgrade for one of their vessels, and a commitment for  an additional order for a GunLink 2500 upgrade on a second vessel. The upgrades will include adding dual near field hydrophone recording capability. Delivery of the first system upgrade is expected by January 31, 2021. Delivery of the second system is anticipated to be in the first quarter of fiscal 2022.  The orders have an estimated combined value of approximately $2.0 million.

Guy Malden, MIND Co-CEO, commented, "We are pleased that Sanco has decided to upgrade the capabilities of their vessels.  This should allow them to provide high resolution images in both towed streamer and ocean bottom node applications.  We think this is further evidence of the industry-leading position of our Seamap GunLink energy source controllers.  We believe the recent interest from a number of customers in our source controller technology is an indication of improving activity within the marine seismic exploration market."

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.  MIND's worldwide Marine Technology Products segment, which includes its Seamap and Klein Marine Systems units, designs, manufactures and sells specialized, high performance, marine sonar and seismic equipment. 

Contacts:	Rob Capps, Co-CEO
	MIND Technology, Inc.
	936-291-2277
	Ken Dennard / Zach Vaughan
	Dennard Lascar Investor Relations
	713-529-6600
	MIND@dennardlascar.com

 

 

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SOURCE MIND Technology, Inc.

FAQ

What is the significance of MIND's recent order from Sanco Shipping AS?

MIND's recent order signifies a $2.0 million purchase for a Seamap GunLink 4000 source controller upgrade, enhancing maritime seismic technology.

When is the expected delivery date for MIND's system upgrades?

The first upgrade is expected to be delivered by January 31, 2021, and the second in the first quarter of fiscal 2022.

How much is the total value of the orders received by MIND?

The total value of the orders received by MIND from Sanco is approximately $2.0 million.

What technology is being upgraded in the vessels of Sanco Shipping AS?

The vessels are receiving upgrades to the Seamap GunLink 4000 and GunLink 2500 source controllers, including dual near field hydrophone recording capability.

What does MIND's recent order imply about the marine seismic exploration market?

The order suggests an improving activity level within the marine seismic exploration market, indicating potential growth for MIND's technology.