Why These Energy Stocks Are Gaining This Week

2. Geospace Technologies Corporation (NASDAQ:GEOS)

Share Price Gains Between June 11 – June 18: 27.2%

Geospace Technologies Corporation (NASDAQ:GEOS) is a global technology and instrumentation manufacturer specializing in vibration sensing and highly ruggedized products that serve energy, industrial, government, and commercial customers worldwide.

Geospace Technologies Corporation (NASDAQ:GEOS) shot up this week following an announcement that the company has been awarded a permanent reservoir monitoring contract from Petrobras for Mero Fields 3 and 4 offshore Brazil in the Santos Basin. The multi-year contract, which begins this month, encompasses the supply and installation of nearly 500 km of Geospace Technologies’ state-of-the-art OptoSeis system.

The OptoSeis Permanent Reservoir Monitoring (PRM) system covers 140 sq km of seabed area of Mero and is located deep offshore in the Santos Basin.

Rich Kelley, CEO and President of Geospace Technologies Corporation (NASDAQ:GEOS), stated:

“We are delighted to be selected by Petrobras and their partners as the technology of choice to deploy over 490 km of our OptoSeis® PRM system in deep waters off the coast of Brazil. We look forward to our collaboration over the coming years on this most important and valuable project to maximize and improve the efficiency of reservoir management.

I offer tremendous congratulations to the technical teams involved in this thorough process from the earliest conversations, through the tender response all the way to contract negotiations and closure. I also want to thank all of our partners that supported us during this process. We look forward to delivering a reliable, robust and permanent solution of value to Petrobras.”