SAExploration To Buy Certain Assets From Bankrupt Geokinetics

SAExploration Holdings Inc. (NASDAQ: SAEX) said June 27 it plans to acquire certain assets of Geokinetics Inc., which filed for chapter 11 bankruptcy a day earlier.

The oilfield service companies are pursuing a sale process in conjunction with Geokinetics’ bankruptcy proceeding in which SAExploration entered an asset purchase agreement that will be used as a “stalking horse” bid. The terms of the agreement weren’t disclosed.

Headquartered in Houston, Geokinetics specializes in acquiring and processing seismic data in challenging environments worldwide. The company is one of the world’s largest independent land and seafloor geophysical services provider, according to its website.