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SAExploration secures two contracts for 3D/4D data acquisition offshore West Africa

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Oilfield Technology,

SAExploration Holdings, Inc. (SAE) has announced two new projects in offshore West Africa. The projects are valued at approximately US$42 million in the aggregate and are scheduled to occur primarily during 2Q20 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 1700 m.

In addition, as previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission on 13 January 2020, the company recently sold certain Alaska North Slope seismic library datasets to a third party and has used US$14.5 million 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.”

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