Geospace Technologies signs $11.9 million OBX lease

HOUSTON, August 28, 2024–(BUSINESS WIRE)–Geospace Technologies Corporation (NASDAQ: GEOS) today announced a 240-day lease agreement with a leading global geophysical solutions provider to lease OBX-750E shallow-water wireless 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 2024.

“We are pleased that the proven technology of the OBX-750E continues to provide our seismic customers with the ability to collect high-quality data for their customers,” said Walter R. Wheeler, President and CEO of Geospace Technologies. “In today’s competitive seafloor node market, companies must push the boundaries of timely and cost-effective seismic surveys. By partnering with Geospace, our long-standing customers know they can perform reliable and precise surveys with a proven level of accuracy at the lowest capital and operating costs.”

The OBX-750E is a wireless node for collecting seismic data from the seafloor with a maximum operating depth of 750 meters. Nodes can be deployed in offshore waters and transition zones, including estuaries, marshlands, and freshwater environments such as rivers and lakes. Once deployed, the OBX-750E can continuously collect seismic data for up to 60 days.

About Geospace Technologies

Geospace Technologies is a global technology and instrumentation manufacturer specializing in vibration sensors and highly ruggedized products serving energy, industrial, government and commercial customers worldwide. The company’s products combine engineering expertise with advanced analytical software to optimize energy production, enhance national and homeland security, support water utilities and property managers, and optimize electronic printing solutions. With more than four decades of operational excellence, the company’s more than 600 employees worldwide are dedicated to development and engineering quality. Geospace trades on the NASDAQ under the ticker symbol GEOS and is a member of the Russell 2000®, Russell 3000® and Russell Micro-cap®. For more information, visit www.geospace.com.

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Contacts

Caroline Kempf, [email protected], 713-986-8710