March 5, 2010 (FinancialWire) — OYO Geospace (NASDAQ: OYOG) said that it has received an order from BP Norge A/S for additional seabed reservoir characterization equipment to augment an existing system installed in 2003. The company said it expects the order to result in revenues of $4 to $5 million.

Delivery of the equipment is scheduled to occur in the third quarter of fiscal year 2010 and OYO said that revenue recognition will occur upon BP’s installation and acceptance of the equipment, which is scheduled to occur in the fourth quarter of fiscal year 2010.

In addition, the company said last week at its 2010 annual meeting of Stockholders that two of its existing GSR customers ordered $3.4 million of additional GSR channels and related equipment.

OYO said it is possible that both orders could be delivered in the company’s second quarter of fiscal year 2010. Upon delivery of these orders, the company will have sold over 20,000 GSR channels since commercialization of the product in 2008.

Texas-based OYO Geospace designs and manufactures instruments and equipment used by the oil and gas industry in the acquisition and processing of seismic data as well as in reservoir characterization and monitoring activities.

The company also designs and manufactures equipment and film for the thermal printing industry worldwide.

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