Construction activity has remained slow in April as the historically slow winter months come to an end. Construction activity is expected to pick up in May as trawling, positioning work and special projects resume.
Tesla Offshore continues to pursue opportunities outside the Gulf of Mexico and is entering the second year of a multi-year project in Alaska, although this work may be delayed until 2014 due to lack of approved drilling permits. As long-term clients expand into international areas, Tesla Offshore is configuring systems and staff to profitably provide services to support their operations.
Focusing on this growth plan, Tesla Offshore committed to the purchase of a Bluefin AUV which has the ability to acquire high resolution ocean bottom data. Tesla Offshore expects the AUV to be delivered and operational in September 2013. In addition to addressing a much needed service to our existing customer base, this will open new markets for Tesla Offshore related to deep water oil and gas field development, along with governmental, environmental and academic applications. Tesla Offshore plans to operate the AUV not only in the Gulf of Mexico, where the US Government now requires data across most of the deep water Gulf of Mexico blocks to be acquired by an AUV, but on a global basis. Tesla Offshore hired several experienced personnel to manage and optimize use of state of the art technology in geophysical survey operations, including the AUV service line, and to further the development of geo-hazards interpretation services for clients worldwide. The AUV team is also in the process of identifying other AUV specialists, to support field operations.
Certain information set forth in this press release, including management's assessment of the Company's future plans and operations, contains forward-looking statements, which are based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects", "anticipates", "believes", "projects", "intends", "continues", "estimates", "objective", "ongoing", "may", "will", "should", "might", "plans" and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements are based on current expectations, estimates and projections that involve a number of known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These include, but are not limited to, the risks outlined in the "Business Risks" section of the Company's MD&A for the three months ended March 31, 2013.
The information contained in this press release should not be considered all-inclusive as it excludes changes that may occur in general economic, political and environmental conditions. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Investors are cautioned against attributing undue certainty to forward-looking statements. The forward-looking information and statements contained in this press release speak only as of the date hereof and, subject to its obligations under applicable law, the Company does not intend, and does not assume any obligation, to update these forward-looking statements if conditions or opinions should change.
Tesla provides geophysical and related services in Canada through Tesla Exploration Partnership, internationally through its wholly owned subsidiaries Tesla Exploration International Ltd., Tesla Exploration Trinidad Ltd. and Tesla Exploration Colombia S.A.S., and in the United States through Tesla Exploration Inc. and Tesla Offshore LLC. Since the Company's inception in 2000, Tesla has grown both organically and through acquisitions funded by retained earnings and prudent levels of borrowing, from a Canadian focused land seismic business to a global provider of a broad suite of geophysical and related services. Tesla trades on the TSX under the symbol "TXL".
Tesla Exploration Inc.
Mr. Richard Habiak
President and CEO
Tesla Exploration Inc.
Mr. Stuart Craven
Vice President and CFO
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