Geokinetics Reports Record Backlog
Geokinetics Inc. on Thursday announced a record backlog of $324 million that supports orders to substantially increase its seismic data recording equipment capacity. This increase reflects the Company's strategy to continue investing in recording equipment to meet the growing demand for services in North America and selected international markets.
The Company has placed orders to double its I/O System IV VectorSeis station count to over 6,000 stations and to acquire 4,000 channels of Sercel 428 recording equipment to increase capacity in the Company's Canadian division. In addition, the U.S. Gulf Coast division will add increased capacity of 6,000 stations of I/O RSR recording equipment to meet the additional demand for the use of this type of system in the environmentally- challenging and permit restrictive areas within the region.
During the fourth quarter of 2006, the Company plans to mobilize two new seismic crews for start-up in the first quarter of 2007, bringing the total seismic crews in operation to 22. The Company plans to operate two large VectorSeis crews in Canada during the first quarter of 2007. The initial deployment of the Sercel crew is also planned on a multi-year service contract in Canada beginning the first quarter of 2007.
David Johnson, Geokinetics' President and CEO, commented on this activity: "We achieved a record backlog of $324 million in November, and this capacity increase is evidence of continued success in implementing our growth strategy and plan to address our clients' needs in an increasing demand environment. For the twelve months ended September 30, 2006, on a pro forma combined basis (to reflect the acquisitions of Grant Geophysical, Inc. in September 2006 and Trace Energy Services Ltd. in December 2005), the Company's revenues were $313.1 million which demonstrates our increased size and scale resulting from these acquisitions."
Geokinetics Inc., based in Houston, Texas, is a global provider of seismic acquisition and high-end seismic data processing services to the oil and gas industry. Geokinetics has strong operating presence in North America and is focused on key markets internationally. Geokinetics operates in some of the most challenging locations in the world from the Arctic to mountainous jungles to the transition zone environments.
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