SAExploration Shares Up 58% on West Africa Projects SAEX
6:08 AM ET 1/24/20 | Dow Jones
By Chris Wack
SAExploration Holdings Inc. (SAEX) shares rose 58% to $3.60 premarket Friday after the company said it was involved in two new projects in offshore West Africa.
The oilfield services company said the projects, valued at $42 million, are scheduled to occur primarily during the second quarter of 2020 and will last about 71 days.
Services to be provided will include 3D/4D data acquisition utilizing autonomous ROV-deployed nodal recording technology in water depths up to 1,700 meters.
SAExploration also said it recently sold certain Alaska North Slope seismic library datasets to a third party and used $14.5 million of the sale proceeds to reduce debt.
Write to Chris Wack at chris.wack@wsj.com
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January 24, 2020 06:08 ET (11:08 GMT)
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