SAExploration secures US$42mn contracts for 3D/4D data acquisition offshore West Africa

28767437766 58830e5723 cSAExploration Holdings has announced two new projects in offshore West Africa

The projects are valued at approximately US$42mn in the aggregate and are scheduled to occur primarily during the second quarter of 2020 and last approximately 71 days.

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

In addition, as previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission on January 13, 2020, SAE recently sold certain Alaska North Slope seismic library datasets to a third party and has used US$14.5mn of the net proceeds of the sale to reduce indebtedness under its credit facility.

Michael Faust, chairman, president and CEO of SAE, commented, “We are very pleased to be awarded these projects, which is further evidence of our customers’ confidence in our ability to deliver high-quality datasets in a safe and environmentally friendly manner. 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.”

SAE is an international oilfield services company offering a full range of vertically-integrated seismic data acquisition, data processing and interpretation, and logistical support services throughout North America, South America, Asia Pacific, Africa and the Middle East.

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W:

twn Are you sure that you want to switch to desktop version?