Geospace Technologies Signs $11.9 Million OBX Lease

Geospace Technologies Corporation (NASDAQ: GEOS) today announced a 240-day lease agreement with a leading global geophysical solutions provider to lease OBX-750E wireless shallow seafloor seismic data acquisition nodes. Based on current contract terms, the minimum value of the agreement is $11.9 million. Delivery of the OBX nodes will occur in Geospace’s fourth quarter of fiscal year 2024.

“We are excited to see the proven technology of the OBX-750E provide our seismic survey customers with the ability to obtain high-quality data for their clients,” said Walter R. Wheeler, President and CEO of Geospace Technologies. “In today’s competitive ocean bottom node market, companies must push the boundaries of timely and cost-effective seismic surveys. By partnering with Geospace, our long-standing customers know they will be able to perform reliable and accurate surveys at the lowest investment and operating costs with a trusted level of accuracy.”