Geospace Technologies Announces Order for Delivery of a Marine Nodal System to Seafloor Geophysical Solutions

  Geospace Technologies Announces Order for Delivery of a Marine Nodal System
  to Seafloor Geophysical Solutions

Business Wire

HOUSTON -- October 28, 2013

Geospace Technologies Corporation (NASDAQ:GEOS) today announced that it
received an order from a subsidiary of Seafloor Geophysical Solutions Holdings
Ltd (“SGS”) for a marine data acquisition system comprised of 2,304 stations
of the company’s OBX deep water seafloor nodes and related equipment. SGS is a
newly organized marine geophysical contractor with management located in
Norway. The order value is $29.4 million and delivery of the OBX system is
currently scheduled to occur late in the fiscal year 2014 second quarter
ending March 31, 2014.

“SGS is pleased to place this order with GeospaceTechnologies. The long life
nodes are ideal for our data acquisition objectives and will be used on our
first crew starting operations in the second calendar quarter of 2014.
Combined with SGS' proprietary node handling system, the versatility and
flexibilityof the system will enable us to operate competitively in allwater
depths down to 3000 meters,” saidMichael Scott, SGS’ Chief Executive Officer.

“We are pleased that SGS has selected our nodal technology for their seafloor
data acquisition needs. Our OBX marine nodal technology has been successfully
deployed on various marine ocean bottom seismic surveys across the globe. We
are committed to supporting SGS’ marine data acquisition efforts as they enter
in this important sector of the geophysical industry,” said Gary D. Owens,
Geospace’s President and CEO.

Seafloor Geophysical Solutions is a marine geophysical company focusing on
seafloordata acquisition, initially OBS (Ocean Bottom Seismic). SGS’ prime
business will address enhanced oil recovery (EOR) and challenging exploration
targets, including those in deep water. Additional information about SGS is
available at www.seafloorgeosolutions.com.

Geospace Technologies Corporation designs and manufactures instruments and
equipment used by the oil and gas industry to acquire seismic data in order to
locate, characterize and monitor hydrocarbon producing reservoirs. 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 estimates 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. We assume no obligation to revise or update
any forward-looking statement, whether written or oral, that we may make from
time to time, whether as a result of new information, future developments or
otherwise.

Contact:

Geospace Technologies Corporation
Gary D. Owens, 713-986-4444
Chairman, President and CEO
Fax: 713-986-4445
 
Press spacebar to pause and continue. Press esc to stop.