SAExploration Holdings, Inc. (NASDAQ: SAEX) shares rose, after the company won a $100-million marine project in South Asia.
A release, issued Wednesday by the Houston-based company, revealed the project is expected to commence late in the fourth quarter of 2018 and is expected to conclude in the second quarter of 2019. The project will be performed using ocean-bottom nodal recording technology and related techniques.
Of the total project amount, approximately 70% of the revenue is expected to be pass-through revenue related to a large subcontractor.
Any pass-through revenue will be at cost with no margin to SAE.
Additionally, the timing and outcome of the project is dependent on SAE entering into the final contract with the customer and on various factors beyond the Company’s control, such as weather delays, which could cause actual results to differ materially.
SAE is an internationally-focused oilfield services company offering a full range of vertically-integrated seismic data acquisition and logistical support services in remote and complex environments throughout Alaska, Canada, South America, Southeast Asia and West Africa.
In addition to the acquisition of 2D, 3D, time-lapse 4D and multi-component seismic data on land, in transition zones and offshore in depths reaching 3,000 metres, SAE offers a full suite of logistical support and data processing services, such as program design, planning and permitting, camp services and infrastructure, surveying, drilling, environmental assessment and reclamation and community relations.
The shares gained $1.10, or 10.3%, to $11.79, within a 52-week trading range of $5.40 to $73.80
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