SAExploration Holdings, Inc. announced five new project awards for onshore logistical support and seismic data acquisition services in North and South America, collectively valued at approximately $83 million. All five projects are scheduled to be performed during the first half of 2016. Two of the projects will take place in the dense jungle rainforest of South America, with the remaining three projects located in Alaska. All five projects will cover different, yet equally challenging terrain and require specialized knowledge of the surrounding environments. SAE will provide a full suite of in-house logistical services in advance of and throughout the life of these projects, which will utilize currently available equipment and personnel. No new capital expenditures are required to execute these projects.
Brian Beatty, President and CEO of SAE, commented, "We are very pleased to have received these project awards, despite the increasingly difficult market conditions we are experiencing. While our overall visibility has been reduced, causing the lead time in advance of project awards to decrease, we are excited to see an improvement in the stability and consistency of opportunities in many of our core markets. Our focus remains on maximizing cash flow and preserving liquidity."
