SAExploration (SAE), a Texas-based oilfield services company, said that it has received a letter of award for a new marine project in South Asia for an unknown oil company valued at nearly $100m.
SAExploration announces letter of award for $100m marine project in South Asia. Photo: courtesy of rawpixel/Unsplash.com.
The project is expected to commence late in the fourth quarter of 2018 and is expected to conclude in the second quarter of 2019. The project will be performed using ocean-bottom nodal recording technology and related techniques.
Of the total project amount, approximately 70% of the revenue is expected to be pass-through revenue related to a large subcontractor. Any pass-through revenue will be at cost with no margin to SAE.
Additionally, the timing and outcome of the project is dependent on SAE entering into the final contract with the customer and on various factors beyond the Company’s control, such as weather delays, which could cause actual results to differ materially.
Source: Company Press Release