Magseis Fairfield signs system sales contract for Z100 nodes

17 Feb 2020 07:00 CET

Company Name

Magseis Fairfield

ISIN

NO0010663669

Market

Oslo Børs

Symbol

MSEIS

(Oslo, 17 February 2020) Magseis Fairfield has signed a system sales contract for delivery of Z100-nodes to an existing client in Asia. The delivery complements the client’s existing Z100 system and enhances their ability to execute large scale transition zone and shallow water Ocean Bottom Node surveys.

“While our current operations are focused on deep-water surveys, this award goes to show that we also offer competitive node systems for shallow-water surveys through our technology sales and lease business”, says Magseis Fairfield CEO Carel Hooijkaas.

The contract will be filled with an immediate shipment of the first half of the total volume of nodes from inventory, and through delivery of the second half of total volume from new-built nodes in the second quarter 2020.

“This is a profitable addition to our near-term backlog. It remains a top priority for us to continue to rebuild the backlog with healthy projects in all four of our business lines; Data Acquisition, Reservoir Monitoring/Source, Technology sales and lease, and Multi-Client services”, adds Hooijkaas.

For further information, please contact:

Carel Hooijkaas, CEO
Tel: +47 480 49 277
Email: carel.hooijkaas@magseisfairfield.com

Mark Ivin, CFO
Tel: +47 94 88 86 06
Email: mark.ivin@magseisfairfield.com

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Magseis Fairfield is a leading provider of ocean bottom seismic systems and services. The Marine Autonomous Seismic System "MASS" and the range of Z-nodes combined with automated handling systems enables highly cost-efficient acquisition of data with exceptional quality. The Company is headquartered in Oslo, Norway and has offices in Norway, Sweden, UK, USA, Brazil and Singapore.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Source

Magseis Fairfield ASA

Provider

Oslo Børs Newspoint