MicroSeismic has achieved record revenue for the seventh consecutive year.
The company achieved a revenue increase of 33 percent in 2009 over 2008, with record revenue in both the United States and Canada. The company experienced a slow start in the first and second quarter of last year due to the downturn in the natural gas market, but achieved record setting revenues in both the third and fourth quarters to end the fiscal year at an all time high. MSI ended the year with a record backlog of more than $12 million dollars going into 2010.
"MicroSeismic's business performed exceptionally well in both the third and fourth quarters, while other oil service providers have experienced ongoing severe business contractions," said Peter Duncan, Ph.D., CEO of MicroSeismic, Inc. "We continue to see strong demand for our FracStar and Buried Array microseismic monitoring services, which have proven to help increase production and reduce costs for operators in the unconventional resource plays. We have generated excellent results from our Buried Array programs and have sold eight of them this past year."
The company is completing installation of more than 300 square miles or more than 200,000 acres of buried arrays in the Haynesville, Marcellus, and Bakken shale basins, incorporating more than 1,000 buried geophones.
"Our FracStar® and Buried Array services are customized for each client to be deployed either temporarily on the surface or permanently buried below the surface depending on their program objectives and the number of wells to be monitored over a certain period of time," said Duncan. "These unique services, along with our patented PSET® processing technology, have gained industry acceptance and have proven to provide more accurate and comprehensive results when compared to down hole monitoring methods. We are off to a great start for 2010, with additional buried array programs planned in the basins we now monitor and others, and we expect significant growth in the number of FracStar implementations as well."
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