MIND Technology, Inc. (NASDAQ:MIND) (“MIND” or “the Company”) today announced that in recent weeks it has received orders totaling approximately $7.3 million, and these orders are expected to be delivered later in this fiscal year. These orders stem from its Seamap and Klein Marine Systems units which have piqued interest in recent months as both the energy industry’s pricing environment has improved and the geopolitical and security situation around the world continues to evolve.
The Company’s Seamap unit received an order totaling approximately $4.8 million from HJ Shipbuilding & Construction to provide its GunLink 4000 source controller system, BuoyLink 4DX GNSS positioning system, air gun arrays and tail buoys for a new build seismic research vessel. The multi-streamer, multi-purpose vessel is being built for the Korean Institute of Geoscience and Mineral Resources.
MIND’s Klein Marine Systems unit has also recently seen increased interest in multi-beam sonar systems, specifically the Klein 5000 and Klein 5900 systems, which has resulted in orders totaling approximately $2.5 million. These systems provide high-resolution images and allow for acquisition of data at high survey speeds. Thus, these are well suited for mine counter measure missions and fill critical needs for the United States and its allies. Furthermore, the Company has responded to requests for quotes for additional systems, totaling approximately $3.5 million. In some cases, the orders include integrated launch and recovery systems.
Rob Capps, MIND President and CEO, commented, “We are encouraged by the recent activity across our Seamap and Klein Marine Systems units. As the macroeconomic environment that surrounds our businesses continues to improve, we are seeing more robust interest and customer optimism which has resulted in the orders and quote requests that we’ve received to date. As we look ahead to the remainder of our fiscal year, we believe there are opportunities to further drive demand growth for our Marine Technology Products, and we remain optimistic about the future.”
