BP Taps OYO Geospace for Seabed Acquisition System
OYO Geospace says that BP Exploration (Caspian Sea) Limited entered into a $14.2 million sales contract with the company for a seabed data acquisition system for reservoir monitoring operations in the Azerbaijan sector of the Caspian Sea. Delivery of the system is expected to occur in the company's fiscal fourth quarter and revenue recognition of the sales contract is expected to occur in FY 2007.
"This is the fourth sales contract for a reservoir characterization system scheduled for delivery in fiscal year 2006. In October, we delivered our first new slimhole seismic data acquisition system for borehole applications. In December, we announced the receipt of a $7.6 million contract to deliver a permanent seabed system to BP for use in the North Sea. In January, the company announced a $7.0 million award of a retrievable seabed system for BGP, a large Chinese seismic contractor. The seismic reservoir characterization market is a growing market for OYO Geospace and we are hopeful that further seismic reservoir product related opportunities will develop throughout the remainder of this fiscal year," said Gary D. Owens, OYO Geospace's Chairman, President and CEO.
OYO Geospace designs and manufactures instruments and equipment used by the oil and gas industry in the acquisition and processing of seismic data as well as in reservoir characterization and monitoring activities. The company also designs and manufactures equipment and film for the thermal printing industry worldwide.
Operates 33 Offshore Rigs
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