Statoil, Geospace sign formal seabed seismic monitoring agreement

Nov. 15, 2012
Geospace Technologies Corp. (NASDAQ:GEOS) and Statoil (OSE:STL; NYSE:STO) have formally executed the definitive agreement for Geospace to provide 660 km (410 mi) of seabed seismic reservoir monitoring systems for the Snorre and Grane fields on the Norwegian continental shelf.

Offshore staff

HOUSTON –Geospace Technologies Corp. (NASDAQ:GEOS) and Statoil (OSE:STL; NYSE:STO) have formally executed the definitive agreement for Geospace to provide 660 km (410 mi) of seabed seismic reservoir monitoring systems for the Snorre and Grane fields on the Norwegian continental shelf.

The final contract value is approximately $160 million and requires the systems to be delivered at various intervals extending into 2015.

11/15/2012