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March 21, 2014
14:51 EDTGEOSGeospace says $29.4M order for Q3 may be delayed
Geospace Technologies disclosed in an SEC filing that Seafloor Geophysical Solutions, which previously announced a $29.4M order for over 2,300 stations of its deep water OBX seafloor node, and that Geospace had expected to deliver during Q3, has recently advised the company that some of its previous capital commitment has been withdrawn and, as a result, SGS is commencing the process of seeking new investors. While the possibility still exists that delivery of the system to SGS may occur in the company's Q3, this event could result in a postponement of the delivery of this system beyond the quarter. As a result, the company is not currently able to estimate when the system delivery might occur. Shares of Geospace are down more than 4% in afternoon trade following the disclosure.
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