Geospace Technologies enters $12M OBN rental deal with SAExploration

July 22, 2022, by Ajsa Habibic

Texas-based seismic solutions provider Geospace Technologies has signed an extended duration rental contract with compatriot marine geophysical services provider SAExploration for seabed ocean bottom wireless seismic data acquisition nodes.

Illustration. Courtesy of Geospace Technologies

Under the agreement of an estimated value of $12 million, SAExploration will rent OBX-750E seabed ocean bottom wireless seismic data acquisition nodes.

“Following our recent good news of a separate $4 million OBX rental contract, we are pleased to announce this sizeable, long-term contract with another trusted customer”, said Walter R. Wheeler, president and CEO of Geospace Technologies.

According to Wheeler, combined with the company’s recently secured OBX rentals, the minimum value from OBX product rental contracts executed during the fiscal year exceeds $25 million.

“Additionally, our shallow water units are nearly at pre-pandemic utilization levels. Sales and rentals of our OBX product line have been a reliable revenue workhorse for the company and we are encouraged by the current resurgence”, Wheeler concludes.

In April this year, Geospace secured two contracts with undisclosed international marine geophysical services providers valued at nearly $7 million for the rental of OBX ocean bottom nodes.

The agreements are related to OBX rentals for both deepwater and shallow water marine seismic surveys, the company revealed at the time.