SAExploration Trumpets Shallow Water Project

SAExploration Holdings, Inc. (NASDAQ:SAEX) rose Wednesday, having highlighted completion of shallow water ocean-bottom marine seismic project.

The Houston-based SAEX announced Tuesday that it has successfully completed the largest shallow water ocean-bottom marine project in the Company’s history.

Contracted to SAExploration by a major national oil company, the project, located in the Arabian Sea off the coast of India, utilized over 20 vessels, which included three ocean-bottom node deployment vessels and two seismic source vessels operating in dual source/simultaneous source mode.

Wednesday’s news release pointed to a total of 5,400 ocean-bottom nodes and in excess of 1,300 kilometers of rope having been deployed on the project to acquire approximately 1,200 square kilometres of full fold seismic data.

Said CEO Jeff Hastings,"I am very proud of SAE’s project management and operational teams who performed extremely well on a very large and very complex project.

"We continue to champion the broader acceptance and cost-effective application of ocean-bottom nodal recording technology and we look forward to offering our technical expertise and enhanced experience within this growing market to other customers in the future.”
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 data processing and interpretation services utilizing its proprietary, patent-protected software, and also provides in-house logistical support services, such as program design, planning and permitting, camp services and infrastructure, surveying, drilling, environmental assessment and reclamation, and community relations."

Shares poked higher 11 cents, or 3.4%, to $3.29