SAExploration Holdings Inc (NASDAQ: SAEX) was a top gainer in Friday’s trading session. This came after the company announced that, it had two offshore projects in West Africa. The company stated that, the two projects are worth $42 million and will start in Q2 of 2020, then go on for 71 days. Some of the services that will be provided include 3D and 4D data acquisition using autonomous nodal recording technology. This will be done in waters as deep as 1700 meters.
The company also announced that, it had taken steps to cut on its debt levels. In its Form 8-K filing with the SEC on the 13th of January 2020, the company announced that, it had sold some of its library datasets, in its Alaska North Slope Seismic library for $14.5 million and used the money to reduce debts.
Commenting on the West African projects and the debt, the company Chairman and CEO Michael Faust stated that, they were happy to be awarded the two projects. He added that the two projects were evidence of the company’s customer’s confidence in its capability to offer top quality datasets in an environmentally conscious and safe way. He further added that, the company’s top priority now was to make improvements on its balance sheet. He stated that, the company sold its non-core assets to cut on debts and prioritize on delivery on its core priorities.
Looking at its price action, SAEX is in breakout. After several weeks in a downtrend, the stock gapped up in Friday’s trading session. It opened the day at $3.15 and traded between a low of $2.80 and a high of $3.34 before closing the day at $3.02. Volumes in the day stood at 5.57 million.
About SAExploration Holdings Inc
SAExploration Holdings Inc offers seismic data, logistics, and other geosciences services across continents. It is based in Houston, Texas.