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3/8/2010 - GEOSPACE SECURES ORDER FOR ADDITIONAL SEABED SEISMIC EQUIPMENT |
| OYO Geospace received an order from BP Norge A/S for additional seabed reservoir characterization equipment to augment an existing system installed in 2003. The company expects the order to result in revenues of $4 to $5 million. Delivery of this seabed equipment is expected to occur in Q2 2010 and revenue recognition will occur upon BP’s installation and acceptance of the equipment, which is expected to occur in Q3 2010.
Gary D. Owens, the company’s Chairman, President and CEO said, “We are very pleased with these recent orders. In particular, we are excited about the reception and performance of the GSR nodal system. Our existing customers are realizing the efficiency benefits of the GSR and are demanding more channels and expanding their GSR crews. Momentum continues to grow and we are aggressively marketing and demonstrating the GSR nodal system to potential new customers. Finally, our core seismic business remains steady, although still below higher order levels experienced in prior years.” |
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