Geospace Technologies Signs $3 Million Mariner Rental Agreement
15 August 2023 - 10:35PM
Business Wire
Geospace Technologies Corporation (NASDAQ: GEOS) today announced
a rental contract with Walker Marine Geophysical, a high resolution
land and marine seismographic surveyor provider who will rent 3,000
of the new product, Mariner®, shallow water seabed wireless seismic
data acquisition nodes. Based on current contract terms, the
minimum value of the agreement is $3.2 million. The delivery of
Mariners will occur in Geospace’s third quarter of fiscal year
2024.
“We appreciate longtime customers such as Walker Marine who
continue to recognize the value of gathering high quality data for
their customers,” said Walter R. Wheeler, President and CEO,
Geospace Technologies. “In today’s competitive ocean bottom node
market, companies with staying power are choosing to protect their
reputation and future business by selecting top quality seismic
survey tools like Mariner. By including valuable features such as
our internal heading sensor and built-in full resolution test
generator, we ensure our customers deliver high quality results to
their customers.”
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 Walker Marine Geophysical
Founded in 1979, Walker Geophysical first used seismic
technology to map coal in advance of underground mining. Over the
course of the next three decades, Walker Marine Geophysical has
worked on land and marine projects throughout the US, and overseas;
from Africa, South America, Australia and New Zealand, to
Mauritius, the Middle East and Indonesia. Today, the company
provides land 3D seismic with state-of-the-art, autonomous nodes
and vibrator sources. Also, the company performs 2D or 3D high
resolution marine surveys with towed digital solid streamers or
ocean bottom nodes
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. For more information on
the Company, visit www.Geospace.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230815249083/en/
Caroline Kempf, ckempf@geospace.com, 321.341.9305
Geospace Technologies (NASDAQ:GEOS)
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