SAExploration Announces Executive Changes

HOUSTON, Dec. 7, 2021 /PRNewswire/ -- SAExploration Holdings, Inc. ("SAE" or the "Company") announced today that Michael J. Faust, President and Chief Executive Officer, will retire from his executive positions, effective January 1, 2022.  He will continue to serve on the Company's Board of Directors and in a consulting capacity.  Mike has served on the Board of Directors since 2017.  He was initially appointed Interim CEO in August 2019, and then served as Chairman and CEO during 2020, and later as President and CEO.  During his tenure, the Company restructured the balance sheet, reducing debt levels by over $110 MM, and became a private corporation.

Faust noted "Leading this company through these difficult times has been very challenging, but also extremely rewarding.  The talent and dedication of our workforce is second to none.  The team has kept safety and the quality of our services at the top of the industry.   The economic downturn and Covid-19 presented new challenges, which required reorganization and cost reductions, but the team stayed focused and is now very well positioned for the recovery we are beginning to witness." 

The Board of Directors is pleased to announce the appointment of Forrest Burkholder as President and Chief Executive Officer, effective on Faust's retirement.  Forrest has over 35 years of experience in the seismic industry, and over 10 years with SAExploration.  He has worked in several capacities on seismic crews around the world, learning the business from the bottom up.  He has held management positions with progressively more responsibility, culminating in his appointment as Executive Vice President of Operations in 2020. 

"Forrest's knowledge of our company and the seismic business is exceptional," said Chairman Ken Tubman.  "His knowledge and leadership qualities make him uniquely qualified to step into this role and lead the company into the future.   His focus on safety, environmental stewardship, and quality will continue to deliver the very best products for our customers."

About SAESAE is an international oilfield services company offering a full range of vertically-integrated seismic data acquisition and logistical support services throughout North America, South America, Asia Pacific, Africa and the Middle East. In addition to the acquisition of 2D, 3D, time-lapse 4D and multi-component seismic data on land, in transition zones and offshore in depths reaching 3,000 meters, SAE also provides in-house logistical support services, such as program design, planning and permitting, camp services and infrastructure, surveying, drilling, environmental assessment and reclamation, and community relations. SAE operates crews around the world, performing major projects for its blue-chip customer base, which includes major integrated oil companies, national oil companies and large independent oil and gas exploration companies. With its global headquarters in Houston, Texas, SAE supports its operations through a multi-national presence in the United States, United Kingdom, Canada, Peru, Colombia, Bolivia, Malaysia, and Singapore. For more information, please visit SAE's website at www.saexploration.com.

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SOURCE SAExploration Holdings, Inc.