SAExploration Announces $60 Million of New Projects in Alaska and Southeast Asia
March 07 2019 - 4:30PM
SAExploration Holdings, Inc. (NASDAQ: SAEX, OTCQB:
SXPLW), or SAE, today announced a combined $60 million of
new projects in Alaska and Southeast Asia.
The project in Alaska is for onshore data
acquisition and data processing services to be performed in the
North Slope region. Due to the seasonal limitations of working in
this region, this new Alaska project is expected to be a
multi-season program, with some operations during the first half of
2019 and the remaining operations in the first quarter of 2020. The
project in Southeast Asia is for ocean-bottom marine data
acquisition services to be performed during Q2 2019. This new
marine project will be conducted in shallow water depths of up to
60 meters utilizing the latest ocean-bottom nodal recording
technology and is expected to last approximately 30 days.
Jeff Hastings, Chairman and CEO of SAE,
commented “These new projects are the product of hard work and
market positioning lining up with a rebalancing of capacity and
demand in our niche markets. The new project in Alaska will utilize
the remaining capacity of our North Slope crew for the current
winter season, and substantially book the same crew for next
winter. We believe these new projects, especially the work on the
North Slope, will give us a great opportunity to realize
incremental value through a reduction of rental costs from our new
equipment profile.”
About SAExploration Holdings,
Inc.
SAE is an international oilfield services
company offering a full range of vertically-integrated seismic data
acquisition, data processing and interpretation, and logistical
support services throughout North America, South America, Asia
Pacific, Africa and the Middle East. 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 meters,
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. SAE operates crews around the world,
performing major projects for its blue-chip customer base, which
includes major integrated oil companies, national oil companies and
large independent oil and gas exploration companies. With its
global headquarters in Houston, Texas, SAE supports its operations
through a multi-national presence in the United States, United
Kingdom, Canada, Peru, Colombia, Bolivia, Malaysia, Singapore, and
Australia. For more information, please visit SAE’s website at
www.saexploration.com.
The information in SAE’s website is not, and
shall not be deemed to be, a part of this notice or incorporated in
filings SAE makes with the Securities and Exchange
Commission.
Forward Looking Statements
This press release contains certain
"forward-looking statements" within the meaning of the U.S. federal
securities laws with respect to SAE. These statements can be
identified by the use of words or phrases such as “expects,”
“estimates,” “projects,” “budgets,” “forecasts,” “anticipates,”
“intends,” “plans,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions. These
forward-looking statements include statements regarding SAE's
financial condition, results of operations and business and SAE's
expectations or beliefs concerning future periods and possible
future events. These statements are subject to significant known
and unknown risks and uncertainties that could cause actual results
to differ materially from those stated in, and implied by, this
press release. Risks and uncertainties that could cause actual
results to vary materially from SAE’s expectations are described
under “Risk Factors” and “Cautionary Note Regarding Forward-Looking
Statements” in SAE’s filings with the Securities and Exchange
Commission. Except as required by applicable law, SAE is not under
any obligation to, and expressly disclaims any obligation to,
update or alter its forward looking statements, whether as a result
of new information, future events, changes in assumptions or
otherwise.
Contact
SAExploration Holdings, Inc.
Ryan Abney
Vice President, Finance
(281) 258-4400
rabney@saexploration.com
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