Geospace Technologies Signs Deep Water Ocean Bottom Node Rental Contract With Estimated Value Of $7.3M

By: Geospace Technologies Corporation via Business Wire

October 20, 2022 at 16:15 PM EDT

Continuing Steady Trend in Rental Contracts for Nodal Seabed Surveys

Geospace Technologies Corporation (NASDAQ: GEOS) today announced an extended duration rental contract with an international marine geophysical services provider who will rent OBX deep water ocean bottom wireless seismic data acquisition nodes. Based on current contract terms, the value of the agreement is estimated at $7.3 million.

“This most recent announcement continues the steady series of secured rental contracts utilizing our OBX for high resolution ocean bottom nodal surveys. It’s clear that our product quality, reliability, and availability are well aligned to take advantage of current market conditions. We are privileged to be a chosen participant in the high value services our trusted customer provides to its clients,” said Walter R. Wheeler, President and CEO, Geospace Technologies.

Additionally, in response to increased demand for the information afforded by ocean bottom surveys, Geospace recently announced a new ocean bottom node for shallow water surveys known as Mariner. This new product will be highly affordable, both in its initial cost as well as its savings over the lifetime of ownership by way of improved logistics, operations, maintenance, and repair. To learn more about Geospace’s marine exploration products, visit https://www.geospace.com/products/marine-exploration/.

About Geospace Technologies

Geospace principally designs and manufactures seismic instruments and equipment. The company markets seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon-producing reservoirs. The company also markets seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. Geospace designs and manufactures other products of a non-seismic nature, including smart water connectivity tools, imaging equipment and specialty contract manufactured products.