OYO Geospace (OYOG) signs a non-binding letter of intent with Statoil (STO) to provide a seismic...

|About: Geospace Technologies Corpo... (GEOS)|By:, SA News Editor

OYO Geospace (OYOG) signs a non-binding letter of intent with Statoil (STO) to provide a seismic reservoir monitoring system for 600 kilometers of seabed for the Snorre and Grane fields on the Norwegian continental shelf. Under the terms of the letter, STO is contractually obligated to pay $2.5M for certain pre-award work related to a potential final contract. The final contract, if awarded, will total approximately $160M over a three-year period.