Signs $11.9 Million OBX Rental Agreement

Geospace Technologies Corporation (NASDAQ: GEOS) today announced a 240-day rental contract with a worldwide leading geophysical solution provider who will rent OBX-750E, shallow water seabed wireless seismic data acquisition nodes. Based on current contract terms, the minimum value of the agreement is $11.9 million. The delivery of OBX nodes will occur in Geospace's fourth quarter of fiscal year 2024.

"We are gratified to see the proven technology of the OBX-750E continuing to provide our seismic survey customers the ability to acquire high quality data for their clients," said Walter R. Wheeler, President and CEO, Geospace Technologies. "In today's competitive ocean bottom node market, companies must push the boundaries of timely and cost-effective seismic surveys. By partnering with Geospace, our longtime customers know they will perform reliable and precise surveys at the lowest investment and operational cost with a trusted degree of accuracy."

The OBX-750E is an ocean bottom wireless seismic data acquisition node with a maximum operating depth of 750 meters. Nodes can be deployed in offshore waters and transition zones, which include estuaries, marsh wetlands, and freshwater environments, such as rivers and lakes. Once deployed, the OBX-750E can collect seismic data continuously for up to 60 days.