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SAExploration Awarded $74m of New Project Awards

Source: www.gulfoilandgas.com 6/16/2014, Location: North America

SAExploration Holdings, Inc announced a new project award for logistical support and seismic data acquisition services in Alaska and three new project awards for similar services in South America with an aggregate value of approximately $74 million.

SAE plans to initiate operations on the new project in Alaska during the first half of 2015. This new project award, together with the previously disclosed Alaska project award for 2015 announced by the Company in the fourth quarter of 2013, means that SAE has already secured approximately $56 million of Alaska projects for 2015. The new projects in South America will start in the third quarter of 2014 and will focus on acquiring 2D seismic data in dense jungle rainforest environments. The Company will provide a full suite of in-house logistical services in advance of and throughout the life of these projects.

Brian Beatty, President and CEO of SAE, commented, "We are very pleased with our business development efforts this past spring, a period which has historically proved difficult with new project generation. In particular, our ability to secure new projects in Alaska reflects our growing influence in that market, one which we consider to be a key source of future growth for SAE."

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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

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