MIND Technology : Receives Source Controller Orders
October 29, 2020 at 07:10 am EDT
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THE WOODLANDS, Texas, Oct. 29, 2020 /PRNewswire/ -- MIND Technology, Inc. (NASDAQ: MIND) ('MIND' or 'the Company') today announced that it has received a purchase order from Sanco Shipping AS ('Sanco') for the supply of a Seamap GunLink 4000 source controller upgrade for one of their vessels, and a commitment for an additional order for a GunLink 2500 upgrade on a second vessel. The upgrades will include adding dual near field hydrophone recording capability. Delivery of the first system upgrade is expected by January 31, 2021. Delivery of the second system is anticipated to be in the first quarter of fiscal 2022. The orders have an estimated combined value of approximately $2.0 million.
Guy Malden, MIND Co-CEO, commented, 'We are pleased that Sanco has decided to upgrade the capabilities of their vessels. This should allow them to provide high resolution images in both towed streamer and ocean bottom node applications. We think this is further evidence of the industry-leading position of our Seamap GunLink energy source controllers. We believe the recent interest from a number of customers in our source controller technology is an indication of improving activity within the marine seismic exploration market.'
About MIND Technology
MIND Technology, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries. Headquartered in The Woodlands, Texas, MIND has a global presence with key operating locations in the United States, Singapore, Malaysia, and the United Kingdom. MIND's worldwide Marine Technology Products segment, which includes its Seamap and Klein Marine Systems units, designs, manufactures and sells specialized, high performance, marine sonar and seismic equipment.
Contacts:
Rob Capps, Co-CEO
MIND Technology, Inc.
936-291-2277
Ken Dennard / Zach Vaughan
Dennard Lascar Investor Relations
713-529-6600
MIND@dennardlascar.com
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SOURCE MIND Technology, Inc.
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Mind Technology Inc. published this content on 29 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2020 11:09:03 UTC
Mind Technology, Inc. provides technology to the oceanographic, hydrographic, defense, seismic and security industries. The Company offers marine technology products to marine survey, marine exploration, and maritime defense markets. The Company provides technology products such as exploration, survey, and defense products. The Company operates through one segment: Seamap Marine Products. Seamap Marine Products business is engaged in the design, manufacture and sale of specialized marine seismic equipment. Its manufacturing, support and sales facilities are maintained in the United Kingdom, Singapore, Malaysia and the state of Texas. Seamap Marine Products include Seamap SeaLink, Seamap GunLink, Seamap BuoyLink, source products, Misc. Seismic Products, and Seamap Ampair UW100. The Company has a global presence with operating locations in the United States, Singapore, Malaysia, and the United Kingdom. It also offers the Sea Serpent passive array system for maritime defense and security.