Geospace Technologies Signs Major Shallow Water Ocean Bottom Node Rental Contract For $20M; Delivery Of Mariners Will Occur In Geospace's Q1 Of FY24
Portfolio Pulse from Happy Mohamed
Geospace Technologies Corporation (NASDAQ:GEOS) has signed a major rental contract for its Mariner product with an international marine geophysical services provider. The contract, which includes the rental of shallow water seabed wireless seismic data acquisition nodes, is expected to be worth $20 million. Delivery of the Mariners will occur in the first quarter of fiscal year 2024. The Mariner product was launched less than a year ago and has seen rapid market adoption.
June 27, 2023 | 8:32 pm
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POSITIVE IMPACT
Geospace Technologies' new contract for its Mariner product could boost its revenues significantly. The rapid market adoption of the product also indicates strong demand, which could positively impact the company's future performance.
The new contract is a significant revenue opportunity for Geospace Technologies. The rapid market adoption of the Mariner product also suggests that there is strong demand for this product, which could lead to additional contracts in the future. This could have a positive impact on the company's stock price in the short term.
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