Geospace Technologies Corporation Announces Receipt of Letter of Award from Statoil for Seabed Seismic System

  Geospace Technologies Corporation Announces Receipt of Letter of Award from
  Statoil for Seabed Seismic System

Business Wire

HOUSTON -- November 07, 2012

Geospace Technologies Corporation (NASDAQ: GEOS) has received and signed a
Letter of Award from Statoil awarding Geospace Engineering Resources
International the contract to provide 660 kilometers of seabed seismic
reservoir monitoring systems for the Snorre and Grane fields on the Norwegian
continental shelf. The company estimates the final contract value to be
approximately $160 million.

By receipt of the Letter of Award, the company understands that Statoil has
received the necessary approvals from its partners to proceed with the
project. Although a firm date for the formal execution of the contract is not
established in the Letter of Award, the company expects the formal signing of
the contract to occur in November 2012. It is the company’s understanding that
according to Norwegian law the Letter of Award represents a binding agreement
between Statoil and the company to perform the work described in the contract.

Geospace Technologies Corporation 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 non-seismic products,
including industrial products, offshore cables, thermal printing equipment and
film.

This press release includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other than
statements of historical fact included herein including statements regarding
potential future products and markets, our potential future revenues, future
financial position, business strategy, future expectations and other plans and
objectives for future operations, are forward-looking statements. We believe
our forward-looking statements are reasonable. However, they are based on
certain assumptions about our industry and our business that may in the future
prove to be inaccurate. Important factors that could cause actual results to
differ materially from our expectations include the level of seismic
exploration worldwide, which is influenced primarily by prevailing prices for
oil and gas, the extent to which our new products are accepted in the market,
the availability of competitive products that may be more technologically
advanced or otherwise preferable to our products, tensions in the Middle East
and other factors disclosed under the heading “Risk Factors” and elsewhere in
our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q,
which are on file with the Securities and Exchange Commission. Further, all
written and verbal forward-looking statements attributable to us or persons
acting on our behalf are expressly qualified in their entirety by such
factors.

Contact:

Geospace Technologies Corporation
Gary D. Owens, 713.986.4444
Chairman, President and CEO
Fax: 713.986.4445
 
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