SAExploration Holdings, Inc. (NASDAQ:SAEX) investors should be smiling from ear to ear today following the announcement of a new project award for seismic data acquisition services valued at approximately $35 million. With the company trading at a $59 million market cap, this is a decent size award.
SAExploration shares reacted to the news, jumping nearly 22% to $7.70 in after-hours trading Tuesday.
The award is for a 3D deep water ocean-bottom marine project in West Africa. SAE expects to initiate this project in late 2016 and complete it in the first quarter of 2017. This project will be performed using an advanced remotely-operated-vehicle deployment method in conjunction with ocean-bottom nodal seismic recording technology equipped to successfully operate in water depths ranging from zero to 3,000 meters deep.
SAE will utilize its currently available equipment and other external resources to execute the project with no new capital expenditures required. (Original Source)
SAExploration Holdings, Inc. is a geophysical seismic services company, offers a full range of seismic data acquisition services including program design, planning and permitting, camp services, survey, drilling, recording, reclamation and in-field processing. The company’s services include the acquisition of 2D, 3D, time-lapse 4D and multi-component seismic data on land, in transition zones between land and water and in shallow water, as well as seismic data field processing. In addition to the acquisition of 2D, 3D, time-lapse 4D and multi-component seismic data on land, in transition zones and offshore in depths up to 5,000 feet, the company offers a full suite of logistical support and in-field processing services, such as program design, planning and permitting, camp services and infrastructure, surveying, drilling, environmental assessment and reclamation and community relations.