Omni Performs Seismic Survey in Louisiana Transition Zone
Omni Energy Services Corp. has been awarded two contracts to perform seismic drilling, survey and permitting services in the transition zone of south Louisiana for Seismic Exchange, Inc. ('SEI'), a leading independent geophysical company headquartered in New Orleans, Louisiana. Work recently commenced on the projects and is scheduled to continue through the remainder of 2003 and into 2004. OMNI expects billings on these projects will exceed $25.0 million.
SEI markets data owned by over 170 oil companies, including most of the majors. SEI owns 1,700,000+ miles of domestic 2D proprietary seismic data and has approximately 23,000 square miles of domestic 3D proprietary data located in the Gulf of Mexico. Additionally, SEI offers a comprehensive seismic search department to expedite requests for data availability.
OMNI also announced that it is aggressively pursuing growth of its aviation division including further expansion and diversification of its existing aviation fleet. OMNI previously initiated a program to replace its predominantly single-purpose helicopters with multi-purpose helicopters supporting both its seismic drilling and offshore transportation services. In March, OMNI took delivery of another Bell 407 helicopter initially under contract to provide offshore transportation services to oil and gas companies operating in the Gulf of Mexico.
''We're excited to be awarded the SEI project, which is ideally suited for our equipment, personnel and operations. We expect to use this project and continued growth and expansion of our aviation division as a platform to increase revenues for 2003 and beyond. Our plan also anticipates increased profit margins by continuing to improve the quality of our core revenues as well as by maintaining stringent controls over operating costs and equipment and personnel utilization. Further, OMNI expects administrative expenses to remain relatively constant during 2003, despite an anticipated 15% revenue growth over the 2002 year,'' said James C. Eckert, Chairman and Chief Executive Officer. ''With the improved operating results anticipated for 2003, OMNI is well positioned to aggressively pursue various strategic domestic and international business opportunities currently available in this difficult marketplace,'' said Eckert.
- OMNI Puts Cleaning Technology to Work on GOM Platform (Jan 21)
- OMNI Installs First I.M.P.A.C.T. Systems Offshore (Nov 17)
- OMNI Scores Seismic Drilling Contract in Marcellus Shale (Oct 21)