Geo Week News

October 30, 2013

Marine data acquisition order worth $29.4 million

10.30.13gtc

Geospace Technologies to deliver OBX system to Seafloor Geophysical Solutions by end of March

Geospace Technologies Corporation (GTC) said Tuesday it received a $29.4 million order for a marine data acquisition system from Seafloor Geophysical Solutions AS (SGS), a marine geophysical contractor based in Norway.

Houston-based GTC (NASDAQ:GEOS) designs and manufactures instruments and equipment used by the oil and gas industry to acquire seismic data to locate hydrocarbon producing reservoirs.

GTC’s data acquisition system is comprised of 2,304 stations of its OBX deep-water seafloor nodes, currently used for ocean bottom seismic surveys worldwide. The OBX system is designed for cable-free, subsea recording using high-fidelity, digitized 4C sensors.
10.30.13obx
OBX deep-water seafloor nodes

SGS said the OBX system, slated for delivery in March, will be used for seafloor data acquisition based on ocean bottom seismic technology. The company’s main business is focusing on enhanced oil recovery (EOR) and deep-water exploration targets.

“The long life nodes are ideal for our data acquisition objectives and will be used on our first crew starting operations in the second calendar quarter of 2014,” said Michael Scott, CEO of SGS. “Combined with SGS’ proprietary node handling system, the versatility and flexibility of the system will enable us to operate competitively in all water depths down to 3,000 meters.”

Earlier this month, GTC got an $18.1 million order from Dawson Geophysical for 9,000 stations of its three-channel GSX wireless recording system, including sensors, batteries, trailers and accompanying system electronics.

Just days before that, GTC entered into a contract with a Saudi Arabia-based oil and gas services company to deliver a $5 million permanent land data acquisition system for monitoring a reservoir. Its the company’s first system design of its kind.

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