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UNIVERSAL SEISMIC ASSOCIATES ANNOUNCES JOINT VENTURE

 SUGAR LAND, Texas, Feb. 4 /PRNewswire/ -- Universal Seismic Associates, Inc. (NASDAQ-NMS: USAC) announced today that the company and Seitel, Inc. have signed a letter of intent to form a joint venture which would initially own and operate a new 1,300 channel Opseis "Eagle" 3-D Seismic data acquisition system, which is designed for operation in swamps and marshlands.
 The new venture would be owned and funded on a 50/50 basis and would be formed only upon successful completion of the company's previously announced public offering of common stock. Michael Pawelek pointed out that this is the first such venture for either firm and that the company would furnish the operating crew and technical expertise, and Seitel would furnish the accounting and other financial management support.
 Pawelek also announced that the company's revenues increased 54 percent to $4.3 million in the first six months of fiscal 1993 from $2.8 million in the first six months of fiscal 1992. Earnings for the six months ending Dec. 31, 1992 were $353,000 vs. $463,000 for the same period of last year. This represents a $110,000 decrease year to year, and primarily reflects the costs associated which the company's recent expansion of 3-D acquisition activities to include three crews.
 UNIVERSAL SEISMIC ASSOCIATES, INC.
 Six Months Ending Dec. 31, Quarter Ending Dec. 31,
 1992 1991 1992 1991
 Net revenues $4,319,867 $2,796,920 $2,431,481 $1,841,640
 Earnings before
 tax $ 555,249 $ 732,520 $ 216,638 $ 547,930
 After tax
 earnings $ 352,746 $ 463,100 $ 129.763 $ 349,577
 Earnings per
 share $ .17 $ .39 $ .06 $ .29
 Weighted average
 shares
 outstanding 2,100,000 1,200,000 2,100,000 1,200,000
 -0- 2/4/93
 /CONTACT: Bud Morgan of Universal Seismic Associates, Inc., 713-240-3388/
 (USAC)


CO: Universal Seismic Associates, Inc. ST: Texas IN: SU: JVN

PS -- NY053 -- 2904 02/04/93 10:57 EST
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Publication:PR Newswire
Date:Feb 4, 1993
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