SAExploration gets two seismic acquisition deals in West Africa

Ocean bottom node seismic company SAExploration has won two new projects offshore West Africa.

Illustration; Source: SAExploration

SAExploration said on Thursday that the projects were valued at approximately $42 million in the aggregate and were scheduled to occur primarily during the second quarter of 2020 and last approximately 71 days.

Services to be provided will include 3D and 4D data acquisition utilizing autonomous ROV-deployed nodal recording technology in water depths up to 1,700 meters.

The company also noted that it recently sold certain Alaska North Slope seismic library datasets to a third party and has used $14.5 million of the net proceeds of the sale to reduce indebtedness under its credit facility.

Michael Faust, chairman and president and CEO of SAE, said: “A high-priority for us is to improve our balance sheet. The sale of non-core assets to reduce debt has been an important tool to deliver on that priority.”

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