OYO Geospace Books Order for Seabed Equipment in Norway



OYO Geospace received an order from BP Norge A/S for additional seabed reservoir characterization equipment to augment an existing system installed in 2003. The company expects the order to result in revenues of $4 to $5 million. Delivery of this seabed equipment is expected to occur in the third quarter of fiscal year 2010 and revenue recognition will occur upon BP's installation and acceptance of the equipment, which is expected to occur in the fourth quarter of fiscal year 2010.

In addition, the company announced last week at its 2010 Annual Meeting of Stockholders that two of its existing GSR customers ordered $3.4 million of additional GSR channels and related equipment. It is possible that both orders could be delivered in the company's second quarter of fiscal year 2010. Upon delivery of these orders, the company will have sold over 20,000 GSR channels since commercialization of the product in 2008.

 

 


RELATED COMPANIES