36 unchanged sentences
We market and supplement our services in the continental U.S.
−Removed: from our headquarters in Midland, Texas and from additional offices in two other cities in Texas (Houston and Plano).
−Removed: In addition, we market and supplement our services in Canada from our facilities in Calgary, Alberta.
+Added: from our headquarters in Midland, Texas and from an additional office in Plano, Texas.
+Added: In addition, we market and supplement our services in Canada from our facilities in Calgary and Wheatland County, Alberta.
Technological advances in seismic equipment and computing allow the seismic industry to acquire and process, on an efficient basis, immense volumes of seismic data which produce precise images of the earth’s subsurface.
8 unchanged sentences
In order to meet the requirements necessary to fully realize the benefits of 3-D seismic data, there is an increasing demand for improved data quality with greater subsurface resolution with increased density of recording channels and vibrator energy source units.
−Removed: Currently, the North American seismic data acquisition industry includes a number of primary competitors which includes us, SAExploration Holdings, Inc.
+Added: Currently, the North American seismic data acquisition industry includes several primary competitors, including SAExploration Holdings, Inc.
(“SAE”), Echo Seismic Ltd.
8 unchanged sentences
We believe we will realize the benefit of increased channel counts and flexibility of deployment through increased crew efficiencies, higher revenues and improved margins.
−Removed: In recent years, we have purchased or leased a significant number of cableless recording channels.
+Added: We have purchased or leased a significant number of cableless recording channels.
We utilize this equipment primarily as stand-alone recording systems.
1 unchanged sentence
We believe we will experience continued demand for cableless recording systems and increased channel count in the future.
+Added: In the fourth quarter, we began testing single point node channels from multiple vendors in our operations.
+Added: We are continuing to test and evaluate single point node channels and we may lease or purchase new channels in the future.
+Added: The single point node channels are expected to increase our revenues through more competitive bids for our customers and increase our margins due to improved crew efficiencies.
As of December 31, 2024, we operate 130 vibrator energy source units and approximately 326,000 recording channels.
9 unchanged sentences
however, our Board of Directors may increase the capital budget in response to strategic opportunities to acquire seismic recording equipment.
−Removed: Our Board of Directors approved a maintenance capital expenditure budget of $5 million for 2023 of which we utilized $3.7 million during the year ended December 31, 2023.
−Removed: Our Board of Directors has approved an initial maintenance capital expenditure budget of $5 million for 2024.
+Added: Our Board of Directors initially approved a maintenance capital expenditure budget of $2.5 million for 2024.
+Added: During 2024, our Board approved an increase in our capital budget to $6 million for the potential purchase of new single point node channels.
+Added: We are continuing to evaluate the single point node channels, and may lease or purchase new channels in the future.
+Added: In 2024, we utilized $1.9 million of our capital budget.
+Added: Our Board of Directors has approved a capital expenditure budget of $6 million for 2025.
Our services are marketed by supervisory and executive personnel who contact clients to determine geophysical needs and respond to client inquiries regarding the availability of crews or processing schedules.
2 unchanged sentences
The services we provide to our clients vary according to the size and needs of each client.
−Removed: During the twelve months ended December 31, 2023, sales to four clients represented approximately 73% of our revenues.
+Added: During the twelve months ended December 31, 2024, sales to two clients represented approximately 43% of our revenues.
The remaining balance of our revenues were derived from varied clients, none of which represented 10% or more of our revenues.
8 unchanged sentences
The revenue for both of our segments is generated by the same services, which utilize the same type of equipment and personnel.
−Removed: Historically, the chief operating decision maker made operating decisions and evaluated operating results of the Company on a consolidated basis.
−Removed: In December 2023, we appointed a new Chief Executive Officer who is our current chief operating decision maker.
−Removed: Currently, our chief operating decision maker reviews the discrete segment financial information on a geographic basis for the US operations and Canada Operations.
+Added: Tony Clark, Chief Executive Officer, is our current chief operating decision maker.
+Added: Our chief operating decision maker reviews the discrete segment financial information on a geographic basis for the US operations and Canada Operations.
The revenue for both of the Company’s segments is generated by the same services, which utilize the same type of equipment and personnel.
2 unchanged sentences
As a result, our business has two reportable segments, US operations and Canada Operations.
−Removed: We have included disclosures about our two reportable segments for all periods presented herein.
For a discussion of financial information by segment refer to “Note 15, Segments” to the Consolidated Financial Statements incorporated by reference herein for additional details.
12 unchanged sentences
Our primary competition includes SAE, ECHO, and Paragon.
−Removed: In addition to these previously named companies, we also compete for projects from time to time with smaller seismic companies which operate in local markets with only one or two small channel count crews.
+Added: In addition to these companies, we also compete for projects from time to time with smaller seismic companies which operate in local markets with only one or two small channel count crews.
Further, the barriers to entry in the seismic industry are substantial but not prohibitive.
−Removed: The recent increase in channel count and number of energy source units required for larger projects makes it more costly and timely for new seismic companies or those outside of the U.S.
+Added: The recent increase in channel count and number of energy source units required for larger projects increases the cost and time commitment required for new seismic companies or those outside of the U.S.
to enter the domestic market and compete with us.
+Added: Employees and Human Capital Resources
As of December 31, 2024, we employed 233 full-time employees, of which 40 consisted of management, sales, and administrative personnel with the remainder being crew and crew support personnel.
+Added: The reduction in our headcount resulted from right-sizing our headcount while being able to continue to effectively meet our customers’ needs.
Our employees are not represented by a collective bargaining agreement.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.