OYO Geospace OYOG today announced that it has accepted a
non-binding letter of intent with the international energy company
Statoil to provide 600 kilometers of seabed seismic reservoir monitoring
system for the Snorre and Grane fields on the Norwegian continental
shelf. Under the letter of intent, Statoil is contractually obligated to
pay OYO Geospace $2.5 million for certain pre-award work related to a
potential final contract. The final contract, if it is awarded in
October 2012 contingent on partner approval, as the letter of intent
anticipates, would result in total revenue of approximately $160 million
over a three-year period.
The letter of intent is cancellable by Statoil at any time prior to the
execution of
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