OMNI's Seismic Drilling Backlog Remains Strong
Tuesday January 16, 1:00 pm ET
Seismic Drilling Backlog Tops $56 Million; Mild Winter Results in Improved Production; Company Considering Strategic Growth Opportunities
CARENCRO, La., Jan. 16 /PRNewswire-FirstCall/ -- OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI - News) announced today that its seismic drilling backlog remains strong at more than $56 million. Additionally, the Company said that milder than expected weather conditions during the early part of this year have contributed to better than expected production activity.
Commenting on the increased seismic drilling backlog and increased production activity, James C. Eckert, Chief Executive Officer, said, "The outlook for seismic drilling during fiscal 2007 continues to be very encouraging, as our backlog now tops $56 million. Our seismic drilling customers are not typically adversely influenced by short term changes in commodity prices. Additionally, milder than normal weather patterns have permitted increased drilling activity as we begin 2007. We expect this improved activity will result in higher utilization of equipment and personnel, ultimately resulting in improved profitability and increased shareholder value. The increased seismic drilling activity and the continuing successful integration of our most recent acquisition, Rig Tools, Inc., along with the well-received expansion into the Rocky Mountain region and the successful re-opening of our Venice, Louisiana dockside operations, has allowed us greater focus on certain strategic and organic growth opportunities available in the marketplace. These events combined with the anticipated completion of the recently announced acquisition of Charles Holston, Inc. should result in a very exciting fiscal 2007."
Headquartered in Carencro, LA, OMNI Energy Services Corp. offers a broad range of integrated services to geophysical companies engaged in the acquisition of on-shore seismic data and to oil and gas companies operating primarily in the Gulf of Mexico. OMNI provides its services through three business divisions: Seismic Drilling (including drilling, survey and permitting services), Environmental Services and Equipment Leasing. OMNI's services play a significant role with geophysical companies who have operations in 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 and uncertainties associated with the timely conversion of seismic drilling backlog into revenue, the ability to negotiate and execute a definitive purchase agreement and ultimately complete the proposed acquisition referenced herein, the ability to close timely and integrate successfully the proposed acquisition referenced herein, the timely integration of Rig Tools, Inc., OMNI's dependence on activity in the oil and gas industry, labor shortages, permit delays, international expansion, dependence on significant customers, seasonality and weather risks, competition, technological evolution, the outcome of pending litigation, completion of strategic transactions under consideration by OMNI and other risks detailed in OMNI's filings with the Securities and Exchange Commission.
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Source: OMNI Energy Services Corp.
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