MIND Technology secures $10.2m order for Seamap unit

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MIND Technology, Inc. (Nasdaq: MIND) has announced a landmark achievement for its Seamap unit with an order of approximately $10.2 million for multiple GunLink source controllers. This substantial order, part of a framework supply agreement with a major international seismic contractor, marks the largest single order in Seamap’s history.

Largest Order Signifying Broad Technology Acceptance

According to Mark Welker, Vice President of MIND and Seamap Managing Director, this record order exemplifies the wide acceptance of Seamap’s technology in the industry. The order significantly boosts Seamap’s business backlog to nearly $48 million, entering the fourth quarter of this fiscal year and projecting into the next.

Major Milestone for MIND Technology: Seamap Achieves Historic Order in Seismic Technology

Major Milestone for MIND Technology: Seamap Achieves Historic Order in Seismic Technology

Enhanced Efficiency in Operations Anticipated

Welker expressed confidence that the substantial order will allow MIND Technology to enhance efficiency in procurement and production operations. This development signals a robust period of growth and operational optimization for the company.

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MIND Technology’s Global Presence and Expertise

MIND Technology, headquartered in The Woodlands, Texas, operates globally with key locations in the United States, Singapore, Malaysia, and the United Kingdom. The company provides advanced technology solutions to oceanographic, hydrographic, defense, seismic, and security industries, with Seamap specializing in high-performance marine exploration and survey equipment.

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Recent Contract with PGS Geophysical AS

In October 2023, MIND Technology’s Seamap unit secured an order from PGS Geophysical AS to supply an ultra-high resolution 3-D seismic streamer system for PGS’ new energy initiative. Valued at over $5  million, this contract is expected to be fulfilled in calendar 2024, adding to the company’s growing portfolio of innovative projects.

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