OMNI .99 on radar news : OMNI Energy Awarded Two Multi-Year Contracts; Billings Expected to Exceed $25 Million Continued Revenue Growth and Further Improved Profit Margins Projected For 2003
CARENCRO, La., Apr 10, 2003 /PRNewswire-FirstCall via COMTEX/ -- OMNI ENERGY
SERVICES CORP. (Nasdaq: OMNI), announced today it had been awarded two contracts
to perform seismic drilling, survey and permitting services in the transition
zone of south Louisiana for Seismic Exchange, Inc. ("SEI"), a leading
independent geophysical company headquartered in New Orleans, Louisiana. Work
recently commenced on the projects and is scheduled to continue through the
remainder of 2003 and into 2004. OMNI expects billings on these projects will
exceed $25.0 million.
SEI is a full service 2D and 3D seismic data marketing firm established in 1975,
with offices located in Dallas, Houston, Denver, New Orleans, Oklahoma City,
Corpus Christi and Tulsa and a strong presence in Lafayette, Jackson, Midland,
and Bakersfield. SEI markets data owned by over 170 oil companies, including
most of the majors. SEI owns 1,700,000+ miles of domestic 2D proprietary seismic
data and has approximately 23,000 square miles of domestic 3D proprietary data
located in the Gulf of Mexico. Additionally, SEI offers a comprehensive seismic
search department to expedite requests for data availability.
OMNI also announced that it is aggressively pursuing growth of its aviation
division including further expansion and diversification of its existing
aviation fleet. OMNI previously initiated a program to replace its predominantly
single-purpose helicopters with multi-purpose helicopters supporting both its
seismic drilling and offshore transportation services. In March, OMNI took
delivery of another Bell 407 helicopter initially under contract to provide
offshore transportation services to oil and gas companies operating in the Gulf
of Mexico.
"We're excited to be awarded the SEI project, which is ideally suited for our
equipment, personnel and operations. We expect to use this project and continued
growth and expansion of our aviation division as a platform to increase revenues
for 2003 and beyond. Our plan also anticipates increased profit margins by
continuing to improve the quality of our core revenues as well as by maintaining
stringent controls over operating costs and equipment and personnel utilization.
Further, OMNI expects administrative expenses to remain relatively constant
during 2003, despite an anticipated 15% revenue growth over the 2002 year," said
James C. Eckert, Chairman and Chief Executive Officer. "With the improved
operating results anticipated for 2003, OMNI is well positioned to aggressively
pursue various strategic domestic and international business opportunities
currently available in this difficult marketplace," said Eckert.
Headquartered in Carencro, LA, OMNI Energy offers a broad range of integrated
services to both geophysical and production companies engaged in the acquisition
of on-shore seismic data. The company provides its services through several
business units: Seismic Drilling, Helicopter Support, Permitting and Seismic
Survey. OMNI's services play a significant role with geophysical companies who
have operations in both marsh, swamp, shallow water and the U.S. Gulf Coast also
called transition zones and contiguous dry land areas also called highland
zones.
Forward-looking statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Investors
are cautioned that all forward-looking statements involve risks associated with
OMNI's dependence on activity in the oil and gas industry, labor shortages,
international expansion, rapid growth, dependence on significant customers,
seasonality and weather risks, competition, technological evolution and other
risks detailed in the Company's filings with the Securities and Exchange
Commission.
SOURCE OMNI Energy Services Corp.
CONTACT: G. Darcy Klug, Chief Financial Officer of OMNI Energy Services
Corp., +1-337-896-6664
(OMNI)
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KEYWORD: Louisiana
INDUSTRY KEYWORD: OIL
AIR
SUBJECT CODE: CON |
