SAExploration (SAE) today announced a combined $60 million of new projects in Alaska and Southeast Asia.
The project in Alaska is for onshore data acquisition and data processing services to be performed in the North Slope region. Due to the seasonal limitations of working in this region, this new Alaska project is expected to be a multi-season program, with some operations during the first half of 2019 and the remaining operations in the first quarter of 2020. The project in Southeast Asia is for ocean-bottom marine data acquisition services to be performed during Q2 2019. This new marine project will be conducted in shallow water depths of up to 60 meters utilizing the latest ocean-bottom nodal recording technology and is expected to last approximately 30 days.
Jeff Hastings, Chairman and CEO of SAE, commented “These new projects are the product of hard work and market positioning lining up with a rebalancing of capacity and demand in our niche markets. The new project in Alaska will utilize the remaining capacity of our North Slope crew for the current winter season, and substantially book the same crew for next winter. We believe these new projects, especially the work on the North Slope, will give us a great opportunity to realize incremental value through a reduction of rental costs from our new equipment profile.”
Source: Company Press Release