SAExploration in New Ocean-Bottom Marine Project

SAExploration Holdings announced a new project award for ocean-bottom marine seismic data acquisition services valued at approximately $47 million.

The Company expects to execute the project during the second half of 2015.

This project will be performed using ocean-bottom nodal seismic recording technology equipped to successfully operate in transition zones and water depths ranging from zero to 3,000 meters deep. SAE will utilize currently available equipment and personnel to execute the project with no new capital expenditures required, the company wrote.

Brian Beatty, President and CEO of SAE, commented, “We are excited to have secured another ocean-bottom marine project. This will allow us to build on our continued success in this market, as evidenced by our recently completed major deep water program in Southeast Asia. As new nodal technology replaces older cabled systems, it is our belief the ocean-bottom marine seismic market will continue to present meaningful opportunities to SAE. We view our ability to win new business as a key testament to the strength of our business model and the attractiveness of our markets.”