OYO Geospace Announces Contract for a Life-of-Field Seismic Monitoring System

Wednesday, Feb 15, 2012

OYO Geospace (NASDAQ: OYOG) today announced that it has entered into a contract for $14.9 million with the BC-10 Consortium, operated by Shell Brasil Petróleo Ltda, to provide over 100 kilometers of deepwater seabed seismic reservoir monitoring system for the BC-10 Field off the coast of Brazil. The system will be laid on the sea floor in 1,700 meters water depth. The company expects to recognize revenue from the sale and delivery of the system in the first quarter of fiscal year 2013. BC-10 is a joint venture operated by Shell Brasil Petróleo Ltda (50%), with partners Petrobras (35%) and ONGC (15%).

OYO Geospace 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 equipment and film for the thermal printing industry worldwide.

Source: Business Wire

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