Geospace Technologies Signs Contract to Purchase Ocean Bottom Node with Estimated Value of $10.5 Million

Geospace Technologies Corporation (NASDAQ: GEOS) today announced the sale of OBX-750E seabed ocean bottom wireless seismic data acquisition nodes to SAExploration, a global provider of marine geophysical services. Based on current contract terms, the agreement is valued at $10.5 million. SAExploration has exercised an option under the company’s lease agreement to purchase the OBX-750E nodes under this contract.

“We appreciate SAE’s recognition of the long-term value provided by ownership of our robust shallow ocean bottom nodes,” said Walter R. Wheeler, President and CEO, Geospace Technologies. “By exercising the purchase option in an existing lease, SAE has the ability to cost-effectively deliver high-quality data to its customers for years to come.”