Oilfield services company SAExploration Holdings Inc. said Oct. 4 that it has won a contract for a new marine project in South Asia from an undisclosed national oil company valued at approximately $100 million.
The project will begin late in the fourth quarter and is expected to be completed 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, the company said.
The timing and outcome of the project is dependent on the final contract with the customer and on other factors, such as weather delays.
SAE is an internationally focused company offering vertically-integrated seismic data acquisition and logistical support services in remote and complex environments.