CEO Jeff Hastings said, “We believe these new projects, especially the work on the North Slope, will give us a great opportunity to realize incremental value through a reduction of rental costs from our new equipment profile.”
SAEX shares have tumbled 89% in the trailing 52 weeks. It has regained somewhat since the beginning of this year, primarily driven by reports that Morgan Stanley (MS) was raising its stake in the company by 350%.
READ: DRYSHIPS DOCKS AT A PROFIT IN 2018
According to a filing made mid-last month, the New York City-based investment bank held 309,000 shares of the stock, representing 9% ownership. It may be noted that SAExploration is a low-float stock.
Finally, it may be noted that the Bureau of Land Management had changed the status of its permit on the Alaskan seismic survey by SAExploration to “Paused” from “Prepared and Planning” last month. The status continues to be unchanged at the time of publishing.