HOUSTON, June 27, 2018 (GLOBE NEWSWIRE) -- SAExploration Holdings, Inc. (NASDAQ:SAEX) (OTCQB:SXPLW) today announced that its wholly owned subsidiary SAExploration, Inc. has entered into an asset purchase agreement that will be used as a “Stalking Horse” bid to acquire certain assets of Geokinetics, Inc. and certain of its subsidiaries, debtors and debtors-in-possession (collectively, “Sellers”) in a transaction to be effected in GEOK’s Chapter 11 bankruptcy proceeding which commenced June 25, 2018.
Jeff Hastings, Chairman and CEO of SAE, commented, “We are excited for the opportunity to acquire these complementary assets, which will allow us to continue to provide, and in many instances enhance, our seismic data acquisition and logistical support services. Following the comprehensive realignment of our entire capital structure earlier this year, we believe this transaction could accelerate our recovery and further position us for long-term growth and sustainable success. Upon an improvement in exploration activity, we expect most of these assets to offer the ability to capture meaningful cost synergies by reducing or eliminating our need to rent equipment. Most importantly, this transaction should enable us to create relationships with new customers in new markets and further expand relationships with many of our existing customers. Additionally, we look forward to the opportunity to welcome certain of the existing employees of GEOK to our team.”
About SAExploration Holdings, Inc.
SAE is an internationally-focused oilfield services company offering a full range of vertically-integrated seismic data acquisition and logistical support services in remote and complex environments throughout Alaska, Canada, South America, Southeast Asia and West Africa. In addition to the acquisition of 2D, 3D, time-lapse 4D and multi-component seismic data on land, in transition zones and offshore in depths reaching 3,000 meters, SAE offers a full suite of logistical support and in-field data processing services, such as program design, planning and permitting, camp services and infrastructure, surveying, drilling, environmental assessment and reclamation and community relations. SAE operates crews around the world, performing major projects for its blue-chip customer base, which includes major integrated oil companies, national oil companies and large independent oil and gas exploration companies. Operations are supported through a multi-national presence in Houston, Alaska, Canada, Peru, Colombia, Bolivia, Brazil and New Zealand. For more information, please visit SAE’s website at www.saexploration.com.
