Market Overview

Geospace Technologies Secures Two Large OBX Contracts

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Geospace Technologies (NASDAQ:GEOS) announced today that it has entered
into contracts with two international seismic contractors to rent up to
12,500 stations of its cableless ocean-bottom OBX nodal system. Total
revenue from these contracts is expected to be over $20 million, with
delivery and revenue recognition projected to begin late in the
company's first quarter of fiscal year 2019 and revenue recognition
continuing into the first quarter of fiscal year 2020. Each of these
rental contracts is expected to have a total term of approximately seven
to nine months. Both contracts require upfront deposits which are not
refundable if the contract is cancelled.

"I'm pleased to announce these two new OBX contracts," said Rick
Wheeler, President and Chief Executive Officer. "Both systems utilize
our latest technology to help our valued customers identify hydrocarbon
reservoirs, improve production economics and mitigate risk in marine
environments."

About Geospace Technologies

Geospace Technologies Corporation designs and manufactures instruments
and equipment used by the oil and gas industry to acquire seismic data
in order to locate, characterize and monitor hydrocarbon producing
reservoirs. Through its recent acquisition of Quantum Technologies
Sciences, the company designs and manufactures instruments, equipment
and analytical software used in the border and perimeter security
industry for the protection of borders and critical infrastructure. The
company also designs and manufactures non-seismic products, including
industrial products, offshore cables and imaging equipment.

Forward Looking Statements

This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements can be identified by terminology such as
"may", "will", "should", "intend", "expect", "plan", "budget",
"forecast", "anticipate", "believe", "estimate", "predict", "potential",
"continue", "evaluating" or similar words. Statements that contain these
words should be read carefully because they discuss our future
expectations, contain projections of our future results of operations or
of our financial position or state other forward-looking information.
Examples of forward-looking statements include, among others, statements
that we make regarding our expected operating results, the adoption and
sale of our products in various geographic regions, anticipated levels
of capital expenditures and the sources of funding therefore, and our
strategy for growth, product development, market position, financial
results and the provision of accounting reserves. These forward-looking
statements reflect our current judgment about future events and trends
based on the information currently available to us. However, there will
likely be events in the future that we are not able to predict or
control. The factors listed under the caption "Risk Factors" and
elsewhere in our most recent Annual Report on Form 10-K and Quarterly
Report on Form 10-Q, which are on file with the Securities and Exchange
Commission, provide examples of risks, uncertainties and events that may
cause our actual results to differ materially from the expectations we
describe in our forward-looking statements. Such examples include, but
are not limited to, decreases in commodity price levels, which could
reduce demand for our products, the failure of our products to achieve
market acceptance, despite substantial investment by us, our sensitivity
to short term backlog, delayed or cancelled customer orders, product
obsolescence resulting from poor industry conditions or new
technologies, bad debt write-offs associated with customer accounts,
lack of further orders for our OBX systems, failure of our non-seismic
products to be adopted by the border and security perimeter market, and
any negative impact from our restatement of our financial statements
regarding current assets. The occurrence of the events described in
these risk factors and elsewhere in our most recent Annual Report on
Form 10-K and Quarterly Report on Form 10-Q could have a material
adverse effect on our business, results of operations and financial
position, and actual events and results of operations may vary
materially from our current expectations. We assume no obligation to
revise or update any forward-looking statement, whether written or oral,
that we may make from time to time, whether as a result of new
information, future developments or otherwise.

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