DJ SAExploration Holdings Shares Up 30% in Heavy Trading >SAEX
By Chris Wack
SAExploration Holdings Inc. (SAEX) shares rose 30%, to $2.96, in heavy trading after the company said it was involved in two new projects in offshore West Africa.
Volume at 12:05 p.m. ET was 4.7 million shares, compared with the 65-day-average volume of 341,000.
The oilfield-services company said the projects, valued at $42 million, are scheduled to occur primarily during the second quarter of 2020 and will last about 71 days.
Services to be provided will include 3D/4D data acquisition utilizing autonomous ROV-deployed nodal recording technology in water depths up to 1,700 meters.
SAExploration also said it recently sold certain Alaska North Slope seismic library datasets to a third party and used $14.5 million of the sale proceeds to reduce debt.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 24, 2020 12:08 ET (17:08 GMT)
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