The new GEOS contract could be a whopper...the 2012 contract that you referenced was $160M (in 2012 dollars, obviously). Here's the PR from 11/14/12...
GEOSPACE TECHNOLOGIES CORPORATION ANNOUNCES FORMAL SIGNING OF CONTRACT FOR SEABED SEISMIC SYSTEM
Houston, Texas - November 14, 2012 - Geospace Technologies Corporation (NASDAQ: GEOS) today announced that the company and Statoil have formally executed the definitive agreement for the company to provide 660 kilometers of seabed seismic reservoir monitoring systems for the Snorre and Grane fields on the Norwegian continental shelf. The final contract value is approximately $160 million and requires the systems to be delivered at various intervals extending into fiscal year 2015.
Utilizing the percentage of completion revenue recognition method, the company presently estimates that it will recognize approximately 45%, 40% and 15% of the contract's revenues in fiscal years 2013, 2014 and 2015, respectively. The company will update its revenue recognition guidance throughout the contractual period as conditions change.
Geospace Technologies Corporation designs and manufactures instruments and equipment used by the oil and gas industry in the acquisition and processing of seismic data as well as in reservoir characterization and monitoring activities. The company also designs and manufactures non-seismic products, including industrial products, offshore cables, thermal printing equipment and film.
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