Geospace Technologies Corporation (NASDAQ: GEOS) today announced a $30 million contract with an international marine geophysical services provider for the purchase of the Company’s latest shallow water ocean bottom nodes known as Mariner™. This contract replaces the approximately $20 million contract announced in June 2023. Delivery of the Mariner products is complete, and revenue will be recognized in the first quarter of the fiscal year 2024.
“The marine survey activity we are observing through our customers is highly encouraging for us, especially in light of the recent releases of our advanced ocean bottom node products - Mariner™ and Aquanaut™,” said Walter R. Wheeler, President and CEO, Geospace Technologies. “As a manufacturing-centric company, we’re always pleased when a customer purchases our products. While the consolidation of our Houston operation allowed us to significantly lower costs and streamline our equipment rental operations, we are still an organization built around the manufacture and sale of equipment.”
Mariner is a shallow water seabed seismic data acquisition node designed with inductive charging and data download, which makes it a connector-free device. The USA designed and manufactured node continuously records for up to 70 days and offers accelerated recharging times. The device was engineered with a slimmer profile than industry standards to create space savings on seismic survey vessels, allowing contractors to fit up to 25% more nodes into a download/charge container.
About Geospace Technologies
Geospace principally designs and manufactures seismic instruments and equipment. We market our seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon-producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including water meter products, imaging equipment, offshore cables, remote shutoff water valves and Internet of Things (IoT) platform and provide contract manufacturing services. Learn more at www.geospace.com.
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Contacts
Caroline Kempf, ckempf@geospace.com, 321.341.9305
