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Related Party Transactions
9 Months Ended
Sep. 30, 2013
Related Party Transactions [Abstract]  
Related Party Transactions
Related Party Transactions
BGP owned approximately 14.6% of the Company’s outstanding common stock as of September 30, 2013. For the nine months ended September 30, 2013 and 2012, the Company recorded revenues from BGP of $5.3 million and $11.0 million, respectively. Total receivables due from BGP were $2.5 million at September 30, 2013. During the nine months ended September 30, 2013, the Company paid to BGP $38.7 million for seismic acquisition services provided on a large 3D marine project; the Company’s accounts payable owed to BGP for those same services was $9.0 million as of September 30, 2013.
In July 2013, the Company agreed to lend up to $10.0 million to INOVA Geophysical, and received a promissory note issued by INOVA Geophysical to the order of the Company, which was scheduled to mature on September 30, 2013. The loan was made by the Company to support certain short-term working capital needs of INOVA Geophysical. The indebtedness under the note accrues interest at an annual rate equal to the London Interbank Offered Rate plus 650 basis points. In July 2013, the Company advanced the full principal amount of $10.0 million to INOVA Geophysical under the promissory note. In September 2013, the Company received a $2.0 million payment from INOVA Geophysical on the loan. On September 30, 2013, the maturity date of the note was extended to December 31, 2013.