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Geospace plunges after $29M contract put in doubt

  • Geospace (GEOS -15.2%) client Seafloor Geophysical (SGS) has informed the company part of a prior capital commitment has been withdrawn, and that it's seeking new investors. (8-K)
  • As a result, Geospace may have to postpone delivery of a $29.4M order for 2.3K units of its deep-water OBX seafloor recorder beyond its June quarter (FQ3). Geospace isn't able to estimate when delivery will now take place.

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