SAExploration (SAEX) Gains on $35M Deep Water Project

November 8, 2016 5:45 PM EST
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SAExploration Holdings, Inc. (NASDAQ: SAEX) is up 21.8% after-hours Tuesday after the company announced a new project award for seismic data acquisition services valued at approximately $35 million.

The award is for a 3D deep water ocean-bottom marine project in West Africa. SAE expects to initiate this project in late 2016 and complete it in the first quarter of 2017. This project will be performed using an advanced remotely-operated-vehicle deployment method in conjunction with ocean-bottom nodal seismic recording technology equipped to successfully operate in water depths ranging from zero to 3,000 meters deep.

SAE will utilize its currently available equipment and other external resources to execute the project with no new capital expenditures required.

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