Geospace Technologies awarded US$4m contract


Geospace Technologies Corporation has announced a US$4 million (approximately £3.4 million) rental contract with an international marine geophysical services provider that will rent OBX-750E seabed ocean bottom wireless seismic data acquisition nodes for a shallow offshore seismic survey.

“During our recent exhibition at the European Association of Geoscientists and Engineers in Madrid, we experienced a significant increase in discussions surrounding the use of our wireless ocean bottom node products for both deep and shallow water applications,” said Walter R Wheeler, President and CEO at Geospace Technologies. “This follows the announcements in our previous quarter of OBX-related commerce that included a US$10 million sale and US$7 million in rental contracts (approximately £8.5 million and £5.9 million, respectively). This contract provides further evidence of increased activity in offshore markets, where our versatile ocean bottom node products can provide the high-quality data needed to reliably make critical exploration decisions.”

Geospace principally designs and manufactures seismic instruments and equipment. The company markets seismic products to the oil & gas industry to locate, characterise 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.