SAExploration 10-Q 9 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 08, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Trading Symbol	SAEX
Entity Common Stock, Shares Outstanding		20,453,273
Entity Registrant Name	SAExploration Holdings, Inc.
Entity Central Index Key	1,514,732
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 4,525,000	$ 3,613,000
Restricted cash	16,000	41,000
Accounts receivable, net	12,564,000	6,105,000
Deferred costs on contracts	489,000	2,107,000
Prepaid expenses and other current assets	4,542,000	6,395,000
Total current assets	22,136,000	18,261,000
Property and equipment, net of accumulated depreciation and amortization of $76,428 and $72,649, respectively	28,783,000	32,946,000
Goodwill	1,751,000	1,832,000
Intangible assets, net of accumulated amortization of $781 and $732, respectively	593,000	671,000
Long-term accounts receivable, net	59,117,000	78,102,000
Deferred income taxes	4,949,000	4,592,000
Other assets	3,855,000	5,534,000
Total assets	121,184,000	141,938,000
Current liabilities:
Accounts payable	7,432,000	4,551,000
Accrued liabilities	7,444,000	6,311,000
Income and other taxes payable	5,268,000	7,887,000
Current portion of long-term debt		995,000
Deferred revenue	0	1,477,000
Total current liabilities	20,144,000	21,221,000
Long-term debt	57,425,000	120,298,000
Other long-term liabilities	623,000	608,000
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, 15,231,852 and 9,424,334 shares outstanding, respectively	2,000	1,000
Additional paid-in capital	177,021,000	133,741,000
Accumulated deficit	(168,726,000)	(133,306,000)
Accumulated other comprehensive loss	(3,269,000)	(5,082,000)
Treasury stock, at cost, 363,361 and 38,024 shares, respectively	(288,000)	(113,000)
SAExploration stockholders’ equity (deficit)	4,740,000	(4,759,000)
Noncontrolling interest	5,464,000	4,570,000
Total stockholders’ equity (deficit)	10,204,000	(189,000)
Total liabilities, mezzanine equity and stockholders’ equity (deficit)	121,184,000	141,938,000
Senior Loan Facility
Current liabilities:
Current portion of long-term debt	0	995,000
Series A Preferred Stock
Mezzanine equity:
Series A preferred stock, 32,788 shares outstanding	$ 32,788,000	$ 0

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property and equipment, net of accumulated depreciation and amortization	$ 76,428	$ 72,649
Intangible assets, net of accumulated amortization	$ 781	$ 732
Common stock, outstanding shares (in shares)	15,231,852	9,424,334
Treasury stock, at cost shares (in shares)	363,361	38,024
Series A Preferred Stock
Series A preferred stock, outstanding shares (in shares)	32,788	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenue from services	$ 16,883	$ 13,559	$ 54,006	$ 99,728
Type of Revenue [Extensible List]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Cost of services	$ 19,710	$ 11,629	$ 45,715	$ 69,403
Type of Cost, Good or Service [Extensible List]	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember	us-gaap:ServiceMember
Depreciation and amortization	$ 2,295	$ 2,947	$ 4,716	$ 6,198
Gross (loss) profit	(5,122)	(1,017)	3,575	24,127
Selling, general and administrative expenses	25,763	6,358	32,140	12,875
Operating (loss) income	(30,885)	(7,375)	(28,565)	11,252
Other (expense) income, net:
Interest expense, net	(2,346)	(8,561)	(5,487)	(16,919)
Foreign exchange loss, net	(2,005)	(1,347)	(2,179)	(1,036)
Other income (expense), net	9	(72)	154	(85)
Total other expense, net	(4,342)	(9,980)	(7,512)	(18,040)
Loss before income taxes	(35,227)	(17,355)	(36,077)	(6,788)
Income taxes	(1,881)	485	(1,257)	2,225
Net loss	(33,346)	(17,840)	(34,820)	(9,013)
Less: net income attributable to noncontrolling interest	59	65	894	2,047
Net loss attributable to SAExploration	$ (33,405)	$ (17,905)	$ (35,714)	$ (11,060)
Basic and diluted loss per common share	$ (2.24)	$ (1.91)	$ (6.46)	$ (1.18)
Weighted average common shares outstanding (basic and diluted):	14,981	9,359	12,830	9,359

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (33,346)	$ (17,840)	$ (34,820)	$ (9,013)
Foreign currency translation adjustment	1,225	(7)	1,813	(72)
Comprehensive loss	(32,121)	(17,847)	(33,007)	(9,085)
Less comprehensive income attributable to noncontrolling interest	59	65	894	2,047
Comprehensive loss attributable to SAExploration	$ (32,180)	$ (17,912)	$ (33,901)	$ (11,132)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Series A Preferred Stock	Series B Preferred Stock	Series C Warrants	Total SAExploration Stockholders’ Equity (Deficit)	Total SAExploration Stockholders’ Equity (Deficit)Series A Preferred Stock	Total SAExploration Stockholders’ Equity (Deficit)Series B Preferred Stock	Total SAExploration Stockholders’ Equity (Deficit)Series C Warrants	Common Stock	Additional Paid-In Capital	Additional Paid-In CapitalSeries A Preferred Stock	Additional Paid-In CapitalSeries B Preferred Stock	Additional Paid-In CapitalSeries C Warrants	Accumulated Deficit	Accumulated Other Comprehensive Loss	Treasury Stock	Non-controlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU 2016-16 | ASU 2016-16	$ 294				$ 294									$ 294
Beginning balance at Dec. 31, 2017	(189)				(4,759)				$ 1	$ 133,741				(133,306)	$ (5,082)	$ (113)	$ 4,570
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(34,820)				(35,714)									(35,714)			894
Other comprehensive income	1,813				1,813										1,813
Equity-based compensation expense	2,641				2,641					2,641
Purchase of treasury stock	(175)				(175)											(175)
Common stock issued in debt exchange	472				472					472
Discount on Series A preferred stock issued in debt exchange		$ 61,971				$ 61,971					$ 61,971
Accretion of discount on Series A preferred stock		(56,635)				(56,635)					(56,635)
Accretion of Series A preferred stock to redemption value		21,376				21,376					21,376
Dividend on Series A preferred stock		$ (1,119)				$ (1,119)					$ (1,119)
Series B preferred stock issued in debt exchange			$ 10,791				$ 10,791					$ 10,791
Conversion of Series B preferred stock			$ (10,791)				$ (10,791)					$ (10,791)
Common stock and Series D warrants issued in conversion of Series B preferred stock	10,791				10,791				1	10,790
Series C warrants issued in debt exchange				$ 4,810				$ 4,810					$ 4,810
Stock issuance costs	(1,026)				(1,026)					(1,026)
Ending balance at Jun. 30, 2018	$ 10,204				$ 4,740				$ 2	$ 177,021				$ (168,726)	$ (3,269)	$ (288)	$ 5,464

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities:
Net loss	$ (34,820)	$ (9,013)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	4,868	6,400
Equity-based compensation	2,641	1,265
Gain on disposal of property and equipment	(185)	(83)
Provision for doubtful accounts	19,120	0
Amortization of loan issuance costs and debt discounts	1,901	10,523
Payment in kind interest	0	4,469
Unrealized loss on foreign currency transactions	2,131	135
Gain on debt extinguishment	(53)	0
Changes in operating assets and liabilities:
Accounts receivable	(6,605)	17,288
Prepaid expenses and other current assets	445	(559)
Deferred costs on contracts	1,627	8,208
Accounts payable	1,821	(4,424)
Accrued liabilities	1,161	(2,233)
Income and other taxes payable	(2,633)	(6,863)
Deferred revenue	(1,491)	(7,975)
Other, net	1	(14)
Net cash (used in) provided by operating activities	(10,071)	17,124
Cash flows from investing activities:
Purchase of property and equipment	(703)	(2,218)
Proceeds from sale of property and equipment	193	1,962
Net cash used in investing activities	(510)	(256)
Cash flows from financing activities:
Long-term debt repayments	(995)	(33,822)
Long-term debt borrowings	15,000	30,845
Capital lease repayments	0	(55)
Stock issuance costs	(2,179)	0
Purchase of treasury stock	(175)	0
Distribution to noncontrolling interest	0	(291)
Net cash provided by (used in) financing activities	11,651	(3,323)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(183)	(189)
Net change in cash, cash equivalents and restricted cash	887	13,356
Cash, cash equivalents and restricted cash at the beginning of period	3,654	11,996
Cash, cash equivalents and restricted cash at the end of period	$ 4,541	$ 25,352

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of the Business SAExploration Holdings, Inc. (“we,” “our” or “us) is an internationally–focused oilfield services company offering seismic data acquisition and logistical support services in North America, South America, West Africa and Southeast Asia to the oil and natural gas industry. Basis of Presentation Our unaudited condensed consolidated financial statements included herein include our accounts and those of our subsidiaries, which are wholly–owned or controlled by us, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. We believe that the presentations and disclosures herein are adequate to make the information not misleading. The unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in Item 8 of our Annual Report on Form 10–K for the year ended December 31, 2017. All intercompany accounts and transaction have been eliminated in consolidation. In the Notes to Unaudited Condensed Consolidated Financial Statements, all dollar and share amounts in tabulations are in thousands of dollars and shares, respectively, unless otherwise indicated. Recently Adopted Accounting Pronouncements On January 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014–09, Revenue from Contracts with Customers . We elected to adopt ASU 2014–09 using the modified retrospective approach applied to those contracts that were not completed as of January 1, 2018. Prior period amounts have not been adjusted and continue to be reflected in accordance with our historical accounting. The impact of the adoption on our unaudited condensed consolidated statements of operations was as follows: Balances Without Adoption of ASU 2014-09 Impact of Adoption of ASU 2014-09 As Reported Three months ended June 30, 2018: Statement of operations: Revenue from services $ 15,889 $ 994 $ 16,883 Cost of services 19,093 617 19,710 Income taxes (1,871 ) (10 ) (1,881 ) Net loss (33,733 ) 387 (33,346 ) Six months ended June 30, 2018: Statement of operations: Revenue from services $ 52,635 $ 1,371 $ 54,006 Cost of services 44,465 1,250 45,715 Income taxes (1,302 ) 45 (1,257 ) Net loss (34,896 ) 76 (34,820 ) The impact of the adoption on our unaudited condensed consolidated balance sheet was as follows: June 30, 2018 Balances Without Adoption of ASU 2014-09 Impact of Adoption of ASU 2014-09 As Reported Balance Sheet: Current assets: Accounts receivable, net $ 11,193 $ 1,371 $ 12,564 Deferred costs on contracts 489 — 489 Current liabilities: Accrued liabilities 6,194 1,250 7,444 Income and other taxes payable 5,223 45 5,268 Stockholders' equity: Accumulated deficit (168,802 ) 76 (168,726 ) On January 1, 2018, we adopted ASU 2016–16. Intra–Entity Transfers of Assets Other Than Inventory Summary of Significant Accounting Policies Revenue Recognition Our services are provided under cancelable service contracts that typically have an original expected duration of one year or less. These contracts are either fixed price agreements that provide for a fixed fee per unit of measure (“Turnkey”) or variable price agreements that provide for a fixed hourly, daily or monthly fee during the term of the project (“Term”). Under both types of agreements, we recognize revenue as the services are performed. We recognize revenue based upon quantifiable measures of progress, such as square or linear kilometers surveyed, each unit of data recorded or other methods using the total estimated revenue for the service contract. We receive reimbursements for certain out–of–pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract. Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billing and cash collections. If billing occurs prior to the revenue recognition or if billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the exceeded amount is considered unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue. In some instances, third party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are capitalized and a mortized consistent with how the related revenue is recognized unless we determine the costs are no longer recoverable, at which time they are expensed. Estimates for our total revenue and total fulfillment cost on any service contract are based on significant qualitative and quantitative judgments. Our management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services, and facts and circumstances unique to the performance obligation in making these estimates. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update the estimates during each reporting period. We recognize these adjustments in revenues under the cumulative catch–up method which recognizes the impact of the adjustment on revenue to date in the period the adjustment is identified. Revenue in future periods of performance is recognized using the adjusted estimate. New Accounting Standards to be Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016–02, Leases In February 2018, the FASB issued ASU 2018–02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income No other new accounting pronouncements issued or effective during the six months ended June 30, 2018 have had or are expected to have a material impact on our unaudited condensed consolidated financial statements.

LONG_TERM DEBT EXCHANGE

LONG–TERM DEBT EXCHANGE	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
LONG–TERM DEBT EXCHANGE	NOTE 2. LONG–TERM DEBT EXCHANGE In January 2018, we consummated an exchange offer and consent solicitation (the “Exchange”) related to our 10% Second Lien Notes due 2019 (the “Second Lien Notes”). Pursuant to a restructuring support agreement with holders of approximately 85% of the par value of our Second Lien Notes, we exchanged $78.0 million of our Second Lien Notes and $7 thousand of our 10% Senior Secured Notes due 2019 (the “Senior Notes”) for (i) 0.8 million shares of common stock, (ii) 0.03 million shares of Series A preferred stock, (iii) 0.9 million shares of Series B preferred stock, and (iv) 8.3 million Series C warrants. We accounted for the Exchange as an extinguishment as we were legally released of our obligations upon delivery and acceptance of the respective equity securities and we recognized a gain of $0.1 million (see Note 4). We allocated the carrying value of the debt exchanged to the respective equity securities based on their relative fair value. The Series A preferred stock was recorded at $62.0 million, less allocated stock issuance costs of $3.6 million. The Series B preferred stock was recorded at $10.8 million, the Series C warrants were recorded at $4.8 million and the common stock was recorded at $0.5 million (see Note 6).

CREDIT CONCENTRATION

CREDIT CONCENTRATION	6 Months Ended
	Jun. 30, 2018
Accounts Notes And Loans Receivable Classified [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3. CONCENTRATION OF CREDIT RISK Our revenues are derived principally from uncollateralized sales to numerous companies in the oil and natural gas industry; therefore, our customers may be similarly affected by changes in economic and other conditions within the industry. As of June 30, 2018, we have a $78.1 million receivable from one customer, which represents 86.1% of our total accounts receivable. This customer had historically relied on the monetization of exploration tax credits under a State of Alaska tax credit program (the “Tax Credits”). In the past, the State of Alaska annually appropriated the amounts needed to pay all Tax Credit certificates for the prior fiscal year; however, falling oil and natural gas prices have substantially reduced Alaska’s revenue from production taxes resulting in significant Alaskan budget deficits. As a result, appropriations in the last couple of years have been limited to the statutorily established minimum. We have worked with our customer to monetize the Tax Credits and apply the resulting cash toward its receivable. As of June 30, 2018, we have monetized $14.9 million of these Tax Credit certificates from the sale of Tax Credit certificates to an Alaskan oil and natural gas producer to satisfy production taxes it owes to the State of Alaska, and the producer has committed to purchase an additional $2.7 million at a later date. We have also pursued other paths to payment, including selling additional Tax Credit certificates into the secondary market at a discount or licensing or selling the seismic data. To date, none of these third party paths to monetization have worked mainly because of the uncertainties about the timing and payment of Tax Credit certificates by the State of Alaska. In June 2018, Alaska passed legislation allowing Alaska to issue bonds to pay its estimated $1.0 billion liability for Tax Credit certificates. If issued, Alaska will use the proceeds from the bonds to purchase Tax Credit certificates. Seismic companies will have two options from which to pick on a program–by–program basis. One option allows for the purchase of the Tax Credit certificates at a 10% discount rate from the time the State would otherwise pay under the statutory minimum. The second option allows for the purchase of the Tax Credit certificates at Alaska’s cost of capital (estimated to be approximately 5.1%) but only if the seismic data is made publicly available. While we continue to pursue other options to monetize the Tax Credits, at this time we believe that the most likely path to monetize the Tax Credit certificates is if bonds are issued by Alaska. While lawsuits have been filed asserting constitutional challenges to Alaska’s ability to issue the bonds, the Attorney General has issued an opinion that the issuance of the bonds is not prohibited by the Alaskan constitution. The Revenue Department of the State of Alaska has indicated, however, that until the courts have resolved the legal issues, which it estimates may take six to 18 months, it will not go into the bond markets. As of June 30, 2018, we determined that it is reasonable to estimate that we will receive approximately $56.5 million in proceeds from the issuance of the bonds. We also expect an additional $2.7 million from the sale of the Tax Credit certificates to the Alaskan oil and natural gas producer. As the proceeds we expect to receive will not be sufficient to fully repay the customer’s outstanding receivable, we have recorded a $19.0 million provision for doubtful accounts in the three months ended June 30, 2018.

LONG_TERM DEBT

LONG–TERM DEBT	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
LONG–TERM DEBT	NOTE 4. LONG–TERM DEBT Long–term debt consisted of the following: June 30, 2018 December 31, 2017 Credit facility: Principal outstanding $ 20,000 $ 5,000 Unamortized debt issuance costs (378 ) (599 ) Carrying amount 19,622 4,401 Senior loan facility - principal outstanding 29,000 29,995 10% senior secured notes due 2019: Principal outstanding 1,865 1,872 Unamortized debt issuance costs (17 ) (25 ) Carrying amount 1,848 1,847 10% second lien notes due 2019: Principal outstanding 6,965 85,239 Unamortized debt issuance costs (10 ) (189 ) Carrying amount 6,955 85,050 Total debt 57,425 121,293 Current portion of long-term debt — (995 ) Total long-term debt $ 57,425 $ 120,298 In January 2018, we consummated the Exchange related to our Second Lien Notes. Pursuant to a restructuring support agreement with holders of approximately 85% of the par value our of Second Lien Notes, we exchanged $78.0 million of our Second Lien Notes and $7 thousand of our Senior Notes for (i) 0.8 million shares of common stock, (ii) 0.03 million shares of Series A preferred stock, (iii) 0.9 million shares of Series B preferred stock, and (iv) 8.3 million Series C warrants. The Exchange was accounted for as an extinguishment and we recognized a gain of $0.1 million. In conjunction with the Exchange, we also completed a consent solicitation relating to the Second Lien Notes to, among other things, release all the collateral from the liens securing the Second Lien Notes and remove substantially all restrictive covenants and delete certain events of default from the related indenture. After the closing of the Exchange, the priority claims of our secured indebtedness were (i) the credit facility, which is secured by all of the existing collateral on a senior first lien priority basis, (ii) the senior loan facility, which is secured by all of the existing collateral on a junior first lien priority basis and (iii) the Senior Notes, which are secured by substantially all of the existing collateral on what is effectively a second lien priority basis as a result of the release of the liens on the collateral by the holders of the Second Lien Notes. In February 2018, the maturity dates of our credit facility and senior loan facility were extended to January 2020. The credit agreements and indentures for our credit facility, senior loan facility, Senior Notes and Second Lien Notes contain certain representations, warranties, covenants and other terms and conditions which are customary for agreements of these types. As of June 30, 2018, we were in compliance with these covenants.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 5. COMMITMENTS AND CONTINGENCIES We are involved in various disputes or legal actions involving contractual and employment relationships, liability claims, and a variety of other matters arising in the ordinary course of business. We do not believe the outcome of such disputes or legal actions will have a material effect on our unaudited condensed consolidated financial statements.

MEZZANINE EQUITY AND STOCKHOLDE

MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY	NOTE 6. MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY Preferred Stock We are authorized to issue 1.0 million shares of preferred stock with a par value of $0.0001 per share with such designations, rights and preferences as may be determined by our Board of Directors. Series A In January 2018, we issued 0.03 million shares of Series A preferred stock as an element of the Exchange (see Note 2). The Series A preferred stock has an 8.0% dividend payable quarterly in arrears and accumulates whether or not earned or declared beginning April 1, 2018. We may pay dividends on the shares of Series A preferred stock in either cash or additional shares of Series A preferred stock dependent upon us achieving certain financial metrics. The Series A preferred stock is senior to our common stock in the event of any liquidation. The Series A preferred stock is convertible into 3,271.4653 shares of common stock per one share of Series A preferred stock, at any time after January 2021. The conversion is subject to certain exceptions including a limitation on the ability of certain holders to convert if it would cause such holder to beneficially own in excess of 9.99% of our outstanding common stock. The shares of Series A preferred stock are redeemable by us at the election of the holders only upon the monetization of the Tax Credit certificates in excess of the amount to repay the credit facility, the senior loan facility, and an additional $2.0 million, on a pro rata basis. We can redeem the Series A preferred stock for cash at any time at the liquidation value of $1.0 thousand per share. As the Series A preferred stock holders have an option to redeem the Series A preferred stock at a future date, the Series A preferred stock is presented in temporary, or “mezzanine,” equity in our unaudited condensed consolidated financial statements. The Series A preferred stock was recorded at $62.0 million, less stock issuance costs of $3.6 million, based on an allocation of the Exchange consideration to the various share classes and securities based on their relative fair values. We evaluated the nondetachable conversion option embedded in the Series A preferred stock to determine whether a beneficial conversion feature (“BCF”) existed as of the closing date of the Exchange that would be recognized separately from the Series A preferred stock in our unaudited condensed consolidated financial statements. The conversion option is considered beneficial if, at the commitment closing date, the effective conversion price for the Series A preferred stock is less than the fair value of the common stock into which it is convertible. As a result of the evaluation, we determined that a BCF did exist; however, as the intrinsic value of the BCF exceeded the value allotted to the Series A preferred stock, we separately recognized a discount of $62.0 million as a reduction to the value of the Series A preferred stock. As the Series A preferred stock is considered probable of becoming redeemable, this discount will be remeasured each reporting period by accreting this discount amortized using the effective interest method over the three year period from when the Series A preferred stock was issued until it is estimated to be redeemable at the election of the Series A preferred stock holders. The accretion is presented as a deemed dividend and recorded as a charge to additional paid in capital (since there is a deficit in retained earnings). We recorded deemed dividends of $22.2 million and $56.6 million in the three months and six months ended June 30, 2018, respectively. As it is probable that the Series A preferred stock will become redeemable, we have elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the Series A preferred stock to equal the redemption value at the end of each reporting period. These adjustments are recorded as an adjustment to additional paid in capital. We recorded $22.7 million and $21.4 million of adjustments in the three months and six months ended June 30, 2018, respectively, to record the Series A preferred stock at its redemption value as of June 30, 2018. On March 14, 2018, the board of directors declared a dividend in kind in the amount of 0.01378 shares per one share of issued and outstanding Series A preferred stock to all holders of record as of March 15, 2018. An additional 456 shares of Series A preferred stock were issued on April 2, 2018 as a result of this dividend. On June 15, 2018, the board of directors declared a dividend in kind in the amount of 0.02 shares per one share of issued and outstanding Series A preferred stock to all holders of record as of June 15, 2018. An additional 663 shares of Series A preferred stock were issued on July 1, 2018 as a result of this dividend. Series B In January 2018, we issued 0.9 million shares of Series B preferred stock as an element of the Exchange (see Note 2). The Series B preferred stock had no stated dividend and dividends were at the discretion of our Board of Directors. Each outstanding share of Series B preferred stock was convertible into 21.7378 shares of common stock or, if an election is made by an eligible holder, into warrants representing the right to receive 21.7378 shares of common stock. The Series B preferred stock was senior to our common stock and junior to the Series A preferred stock in the event of our liquidation. The Series B preferred stock was recorded at $10.8 million based on an allocation of the Exchange consideration to the various share classes and securities based on their relative fair values. Similar to the Series A preferred stock, we determined that a BCF existed for the Series B preferred stock, which exceeded the value allocated to the Series B preferred stock. In March 2018, all of the shares of the Series B preferred stock were converted into 4.5 million shares of common stock and 14.1 million Series D warrants with an exercise price of $0.0001. Upon conversion, the Series B preferred stock was derecognized, and we fully recognized the value of the BCF as a deemed dividend. As of June 30, 2018, there were no issued or outstanding shares of Series B preferred stock. Common Stock As an element of the Exchange, we amended our certificate of incorporation to increase the authorized number of shares of our common stock from 55.0 million to 200.0 million. Our common stock has a par value of $0.0001 per share. The following table presents the changes in the number of shares outstanding: 2018 Shares issued: Balance as of January 1 9,462 Issue of shares upon vesting of restricted stock units 208 Issue of shares on exercises of stock options 311 Issue of shares in the Exchange 812 Issue of shares on the conversion of the Series B preferred stock 4,492 Issue of shares on exercises of Series C warrants 310 Balance as of June 30 15,595 Shares held as treasury stock: Balance as of January 1 38 Purchase of treasury stock 325 Balance as of June 30 363 Shares outstanding as of June 30 15,232 Warrants Series A and Series B As of June 30, 2018, we have 0.2 million Series A warrants and 0.2 million Series B warrants outstanding, both with an expiration date of July 27, 2021. The Series A warrants and Series B warrants have exercise prices of $10.30 and $12.88, respectively, and become exercisable 30 days in advance of their expiration date. Series C In January 2018, we issued 8.3 million Series C warrants as an element of the Exchange (see Note 2). Each Series C warrant entitles the holder to purchase one share of our common stock, has an exercise price of $0.0001 and has no expiration date. The Series C warrants are immediately exercisable by the holder and are exercisable by us in connection with a full redemption of the Series A preferred stock and Series B preferred stock provided that it does not result in a holder owning 10% or more of our outstanding shares of common stock, or upon a change in control. The Series C warrants were recorded at $4.8 million based on an allocation of the Exchange consideration to the various share classes and securities based on their relative fair values. In the three months ended June 30, 2018, 0.3 million of the Series C warrants were exercised. As of June 30, 2018, there are 8.0 million Series C warrants outstanding. Series D In March 2018, we issued 14.1 million Series D warrants in connection with the conversion of the Series B preferred stock. Each warrant entitles the holder to purchase one share of our common stock, has an exercise price of $0.0001 and has no expiration date. The Series D warrants are immediately exercisable by the holders and are exercisable us in connection with a full redemption of the Series A preferred stock and Series B preferred stock, provided that it does not result in a holder owning 10% or more of our outstanding shares of common stock, or upon a change in control. The Series D warrants were recorded at their fair value of $23.0 million, which was based on the price of our common stock as of the date of the conversion as the Series D warrants have a nominal strike price, no expiration date and no other relevant restrictions.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2018
Noncontrolling Interest [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 7. VARIABLE INTEREST ENTITY We have a 49.0% interest in a business venture with Kuukpik Corporation (“Kuukpik”) that performs contracts for the acquisition and development of geophysical and seismic data and for geophysical and seismic services and any and all related work anywhere on the North Slope of Alaska (onshore or offshore). The venture receives 10% of our gross revenues from all North Slope of Alaska contracts. This venture meets the definition of a variable interest entity (“VIE”). We are deemed to be the primary beneficiary of this VIE; therefore, we have consolidated the operating results, assets and liabilities of this VIE, with Kuukpik’s portion of equity presented as “Noncontrolling interest” in our unaudited condensed consolidated balance sheets and Kuukpik’s portion of net income presented as “Net income attributable to noncontrolling interest” in our unaudited condensed consolidated statements of operations.

REVENUE FROM SERVICES

REVENUE FROM SERVICES	6 Months Ended
	Jun. 30, 2018
Revenue From Contract With Customer [Abstract]
REVENUE	NOTE 8. REVENUE FROM SERVICES Deferred Costs on Contracts In some instances, we incur third party costs that directly relate to the contract to fulfill the contract obligations. These fulfillment costs are capitalized and a mortized consistent with how the related revenue is recognized. As of June 30, 2018, we had deferred costs on contracts of $0.5 million. In the three months and six months ended June 30, 2018, we recognized $2.3 million and $6.3 million, respectively, of amortization related to these costs. Deferred Revenue Typically, our mobilization services are paid by the customer at the beginning of the contract while the revenue is recognized as control transfers to the customer, which can result in deferred revenue. Normally all other revenue is billed as work progresses, which generally will not result in significant deferred revenue except in those cases where a large mobilization is required for the contract. As of June 30, 2018, we had no deferred revenue. In the six months ended June 30, 2018, we recognized $1.5 million of revenue that was included in our deferred revenue balances at the beginning of the period. Disaggregated Revenue The following table disaggregates our revenue by major source: North America South America Total Three months ended June 30, 2018: Type of contract: Turnkey $ 3,592 $ 12,123 $ 15,715 Term 1,168 — 1,168 Total $ 4,760 $ 12,123 $ 16,883 Six months ended June 30, 2018: Type of contract: Turnkey $ 26,689 $ 21,567 $ 48,256 Term 5,750 — 5,750 Total $ 32,439 $ 21,567 $ 54,006 Remaining Performance Obligation As of June 30, 2018, we had $38.0 million of remaining performance obligations. We expect to recognize revenue of approximately 17% of these performance obligations in 2018 and the remaining approximately 83% in 2019.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
EQUITY-BASED COMPENSATION	NOTE 9. EQUITY–BASED COMPENSATION We grant various forms of equity–based compensation to our senior management and directors. These equity–based awards consist of non–qualified stock options and restricted stock units (“RSUs”). In April 2018, we issued 10.4 million RSUs to our senior management. These RSUs vest as follows: (a) one–fourth on July 29, 2019, (b) one–fourth on January 29, 2020, and (c) one–half on January 29, 2021. The fair value of these RSUs on the date of grant was $13.8 million. We recognized equity–based compensation costs of $1.6 million and $0.6 million in the three months ended June 30, 2018 and 2017, respectively, and $2.6 million and $1.3 million in the six months ended June 30, 2018 and 2017, respectively. These costs are included in “Selling, general and administrative expenses” in our unaudited condensed consolidated statements of operations. Included in the six months ended June 30, 2018 is $0.8 million of equity–based compensation costs related to the accelerated vesting of all equity–based awards existing prior to the Exchange. As of June 30, 2018, we had $12.2 million of unrecognized compensation cost, which is expected to be recognized over a weighted average period of 2.6 years.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 10. INCOME TAXES Due to our history of losses and uncertainty of future taxable income, we established valuation allowances sufficient to fully offset net operating loss (“NOL”) carryforwards and other deferred tax assets. These valuation allowances will be maintained until positive evidence exists to support a conclusion that the benefit from certain of our NOL carryforwards and foreign tax credits may be realized. We record income tax expense for interim periods on the basis of an estimated annual effective tax rate. The estimated annual effective tax rate is recomputed on a quarterly basis and may fluctuate due to changes in forecasted annual operating income, positive or negative changes to the valuation allowance for net deferred tax assets, and changes to actual or forecasted permanent book to tax differences. In December 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (the “Act”), which significantly changed U.S. tax law. The Act lowered the U.S. statutory federal income tax rate from 35% to 21% effective January 1, 2018, while also imposing a deemed repatriation tax on previously deferred foreign income. The Act also created a new minimum tax on certain future foreign earnings. In addition, the SEC has issued Staff Accounting Bulletin 118, which allows a measurement period, not to exceed one year, to finalize the accounting for the income tax aspects of the Act. Our effective tax rates were 5.3% and (2.8)% for the three months ended June 30, 2018 and 2017, respectively, and 3.5% and (32.8)% for the six months ended June 30, 2018 and 2017, respectively. The changes in our effective tax rates and the primary reason why these effective tax rates differ from the applicable federal statutory rates are the fluctuations in earnings among the various jurisdictions in which we operate, increases in valuation allowances and foreign tax rate differentials. We consider our foreign earnings to be permanently reinvested in operations outside the U.S. and have not provided for U.S. income taxes on these unrepatriated foreign earnings. We have provisionally recorded no tax expense in connection with the transition tax on the mandatory deemed repatriation of our foreign earnings based upon the aggregate tax losses of our foreign subsidiaries. We are currently evaluating the impact of the Act on our unaudited condensed consolidated financial statements and, as a result, have not included a provisional estimate of the impact. However, we do not expect any impact from the remeasurement of certain deferred tax assets due to our full valuation allowance.

LOSS PER COMMON SHARE

LOSS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
LOSS PER COMMON SHARE	NOTE 11. LOSS PER COMMON SHARE Our Series C warrants and Series D warrants are considered to be participating securities as they are entitled to dividends based on dividends paid on our common stock. Accordingly, beginning in 2018, we are now required to apply the two–class method to calculate basic and diluted loss per share. Under the two–class method, basic loss per share is computed by dividing net loss available to common stockholders, after deducting the amount allocated to participating securities, by the weighted average number of common shares outstanding during each period. Diluted loss per share is computed by dividing net loss available to common stockholders, after deducting the amount allocated to participating securities, by the sum of the weighted average number of shares outstanding during each period and the dilutive potential common shares outstanding during the period determined under the treasury stock method. The computation of basic and diluted loss per share is as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2018 Net loss attributable to SAExploration $ (33,405 ) $ (35,714 ) Amortization of discount on Series A and Series B preferred stock (22,231 ) (67,426 ) Accretion of Series A preferred stock to redemption value 22,667 21,376 Dividends on Series A preferred stock (663 ) (1,119 ) Allocation of earnings to participating securities (1) — — Loss available to common stockholders of SAExploration $ (33,632 ) $ (82,883 ) Weighted average common shares outstanding (basic and diluted) 14,981 12,830 Loss per share available to common stockholders of SAExploration (basic and diluted) $ (2.24 ) $ (6.46 ) Anti-dilutive shares excluded from diluted loss available to common stockholders of SAExploration (2) 137,836 137,836 Three Months Ended June 30, Six Months Ended June 30, 2017 2017 Net loss attributable to SAExploration $ (17,905 ) $ (11,060 ) Weighted average common shares outstanding (basic and diluted) 9,359 9,359 Net loss per share (basic and diluted) $ (1.91 ) $ (1.18 ) Anti-dilutive shares excluded from diluted loss per share (2) 681 667 (1) (2)

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 12. FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets or liabilities. Level 2 refers to fair values determined based on quoted prices for similar assets or liabilities in active markets or inputs that are observable to the asset or liability, either directly or indirectly through market corroboration. Level 3 refers to fair values determined based on unobservable inputs used in the measurement of assets and liabilities at fair value. The estimated fair values of our financial instruments have been determined at discrete points in time based on relevant market information. Our financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and long–term debt. The carrying amounts of our financial instruments, other than our Senior Notes and Second Lien Notes, approximate fair value because of the short–term nature of the items. As of June 30, 2018 and December 31, 2017, the estimated aggregate fair values of our Senior Notes and Second Lien Notes were $7.6 million and $32.3 million, respectively, which differs from the aggregate carrying values of $8.8 million and $86.9 million, respectively. These fair values were estimated using dealer quoted period–end market prices. As these valuations used dealer quoted prices in active markets obtained from independent third–party sources, we have categorized our long–term debt as Level 2.

OTHER SUPPLEMENTAL INFORMATION

OTHER SUPPLEMENTAL INFORMATION	6 Months Ended
	Jun. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
OTHER SUPPLEMENTAL INFORMATION	NOTE 13. OTHER SUPPLEMENTAL INFORMATION Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash are recorded in our unaudited condensed consolidated balance sheet as follows: June 30, 2018 December 31, 2017 Cash and cash equivalents $ 4,525 $ 3,613 Restricted cash 16 41 Total cash, cash equivalents and restricted cash $ 4,541 $ 3,654 Our restricted cash serves as collateral for labor claims, office rental and cash in another country restricted by exchange control regulations. Accounts Receivable, net Total accounts receivable, net are comprised of the following: June 30, 2018 December 31, 2017 Trade receivables $ 86,592 $ 82,115 Other receivables 4,219 2,104 Total accounts receivable 90,811 84,219 Less: allowance for doubtful accounts (19,130 ) (12 ) Total accounts receivable, net 71,681 84,207 Current accounts receivable, net 12,564 6,105 Long-term accounts receivable, net $ 59,117 $ 78,102 Accrued Liabilities Accrued liabilities are comprised of the following: June 30, 2018 December 31, 2017 Accrued payroll liabilities $ 2,256 $ 2,781 Accrued interest 246 1,877 Other accrued liabilities 4,942 1,653 Total accrued liabilities $ 7,444 $ 6,311 Other accrued liabilities primarily consist of accruals for project related expenses. Supplemental Cash Flows Information Supplemental cash flows information is as follows: Six Months Ended June 30, 2018 2017 Cash paid for interest $ 4,705 $ 1,946 Cash paid for income taxes 1,766 4,006 Noncash Transactions Supplemental noncash transactions are as follows: As of June 30, 2018 2017 Costs to issue stock included in prepaid expenses and other current assets $ 1,442 $ — Costs for additions to property and equipment in accounts payable 179 — Costs to issue stock included in accounts payable 995 —

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 14. RELATED PARTY TRANSACTIONS Mr. Hastings, our Chief Executive Officer and Chairman of the Board of Directors, owns and controls Speculative Seismic Investments, LLC (“SSI”), which holds 0.03 million shares of our common stock, and also controls CLCH, LLC, which holds 0.02 million shares of our common stock. As of June 30, 2018, SSI is a lender under our senior loan facility in the principal amount of $0.5 million and Mr. Hastings is also a lender under our credit facility in the principal amount of $0.4 million.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SAExploration Holdings, Inc. Notes to Unaudited Condensed Consolidated Financial Statements NOTE 15. SUBSEQUENT EVENTS On July 5, 2018, we entered into a third amendment to our credit facility to, among other things, increase the aggregate maximum commitment to $30.0 million. We used the additional $10.0 million that became available under the credit facility to redeem all our remaining outstanding Senior Notes on August 4, 2018, and for general corporate purposes. On July 24, 2018, the holders of 77.3% of the outstanding shares of our Series A preferred stock consented to the conversion of all outstanding shares of the Series A preferred stock to either shares of our common stock or warrants (for certain eligible holders), which will occur on September 5, 2018. On July 25, 2018, we completed the acquisition of substantially all of the assets of Geokinetics, Inc. (“GEOK”) for $19.4 million, including equipment and machinery, seismic processing software and equipment and certain contracts with large exploration and production companies. In connection with the closing, we amended and restated our existing credit facilities and entered into a new acquisition purchase money facility of approximately $24.3 million in aggregate principal amount of borrowings, secured by the acquired assets of GEOK, to fund the acquisition and pay related transaction costs. On July 26, 2018, we announced that we intend to offer, subject to market and other conditions, $50.0 million aggregate principal amount of 6.0% convertible secured notes due 2023 in a private offering only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933. If the offering is completed, we intend to use the net proceeds from the offering of the notes to repay a portion of our obligations under our existing credit facilities and for general corporate purposes. This disclosure does not constitute an offer to sell the notes. We evaluated subsequent events for appropriate accounting and disclosure through the date these unaudited condensed consolidated financial statements were issued and determined that there were no other material items that required recognition or disclosure in our unaudited condensed consolidated financial statements. 1

BASIS OF PRESENTATION AND SUM23

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our unaudited condensed consolidated financial statements included herein include our accounts and those of our subsidiaries, which are wholly–owned or controlled by us, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. We believe that the presentations and disclosures herein are adequate to make the information not misleading. The unaudited condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) for a fair presentation of the interim periods. The results of operations for the interim period are not necessarily indicative of the results of operations to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in Item 8 of our Annual Report on Form 10–K for the year ended December 31, 2017. All intercompany accounts and transaction have been eliminated in consolidation. In the Notes to Unaudited Condensed Consolidated Financial Statements, all dollar and share amounts in tabulations are in thousands of dollars and shares, respectively, unless otherwise indicated.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements On January 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014–09, Revenue from Contracts with Customers . We elected to adopt ASU 2014–09 using the modified retrospective approach applied to those contracts that were not completed as of January 1, 2018. Prior period amounts have not been adjusted and continue to be reflected in accordance with our historical accounting. The impact of the adoption on our unaudited condensed consolidated statements of operations was as follows: Balances Without Adoption of ASU 2014-09 Impact of Adoption of ASU 2014-09 As Reported Three months ended June 30, 2018: Statement of operations: Revenue from services $ 15,889 $ 994 $ 16,883 Cost of services 19,093 617 19,710 Income taxes (1,871 ) (10 ) (1,881 ) Net loss (33,733 ) 387 (33,346 ) Six months ended June 30, 2018: Statement of operations: Revenue from services $ 52,635 $ 1,371 $ 54,006 Cost of services 44,465 1,250 45,715 Income taxes (1,302 ) 45 (1,257 ) Net loss (34,896 ) 76 (34,820 ) The impact of the adoption on our unaudited condensed consolidated balance sheet was as follows: June 30, 2018 Balances Without Adoption of ASU 2014-09 Impact of Adoption of ASU 2014-09 As Reported Balance Sheet: Current assets: Accounts receivable, net $ 11,193 $ 1,371 $ 12,564 Deferred costs on contracts 489 — 489 Current liabilities: Accrued liabilities 6,194 1,250 7,444 Income and other taxes payable 5,223 45 5,268 Stockholders' equity: Accumulated deficit (168,802 ) 76 (168,726 ) On January 1, 2018, we adopted ASU 2016–16. Intra–Entity Transfers of Assets Other Than Inventory
Revenue Recognition	Revenue Recognition Our services are provided under cancelable service contracts that typically have an original expected duration of one year or less. These contracts are either fixed price agreements that provide for a fixed fee per unit of measure (“Turnkey”) or variable price agreements that provide for a fixed hourly, daily or monthly fee during the term of the project (“Term”). Under both types of agreements, we recognize revenue as the services are performed. We recognize revenue based upon quantifiable measures of progress, such as square or linear kilometers surveyed, each unit of data recorded or other methods using the total estimated revenue for the service contract. We receive reimbursements for certain out–of–pocket expenses under the terms of the service contracts. The amounts billed to clients are included at their gross amount in the total estimated revenue for the service contract. Clients are billed as permitted by the service contract. Contract assets and contract liabilities are the result of timing differences between revenue recognition, billing and cash collections. If billing occurs prior to the revenue recognition or if billing exceeds the revenue recognized, the amount is considered deferred revenue and a contract liability. Conversely, if the revenue recognition exceeds the billing, the exceeded amount is considered unbilled receivable and a contract asset. As services are performed, those deferred revenue amounts are recognized as revenue. In some instances, third party permitting, surveying, drilling, helicopter, equipment rental and mobilization costs that directly relate to the contract are utilized to fulfill the contract obligations. These fulfillment costs are capitalized and a mortized consistent with how the related revenue is recognized unless we determine the costs are no longer recoverable, at which time they are expensed. Estimates for our total revenue and total fulfillment cost on any service contract are based on significant qualitative and quantitative judgments. Our management considers a variety of factors such as whether various components of the performance obligation will be performed internally or externally, cost of third party services, and facts and circumstances unique to the performance obligation in making these estimates. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update the estimates during each reporting period. We recognize these adjustments in revenues under the cumulative catch–up method which recognizes the impact of the adjustment on revenue to date in the period the adjustment is identified. Revenue in future periods of performance is recognized using the adjusted estimate.
New Accounting Standards to be Adopted	New Accounting Standards to be Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016–02, Leases In February 2018, the FASB issued ASU 2018–02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income No other new accounting pronouncements issued or effective during the six months ended June 30, 2018 have had or are expected to have a material impact on our unaudited condensed consolidated financial statements.

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Fair Value of Financial Instruments	The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets or liabilities. Level 2 refers to fair values determined based on quoted prices for similar assets or liabilities in active markets or inputs that are observable to the asset or liability, either directly or indirectly through market corroboration. Level 3 refers to fair values determined based on unobservable inputs used in the measurement of assets and liabilities at fair value. The estimated fair values of our financial instruments have been determined at discrete points in time based on relevant market information. Our financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and long–term debt. The carrying amounts of our financial instruments, other than our Senior Notes and Second Lien Notes, approximate fair value because of the short–term nature of the items.

BASIS OF PRESENTATION AND SUM25

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Impact of Adoption on Unaudited Condensed Consolidated Statements of Operations and Balance Sheet	The impact of the adoption on our unaudited condensed consolidated statements of operations was as follows: Balances Without Adoption of ASU 2014-09 Impact of Adoption of ASU 2014-09 As Reported Three months ended June 30, 2018: Statement of operations: Revenue from services $ 15,889 $ 994 $ 16,883 Cost of services 19,093 617 19,710 Income taxes (1,871 ) (10 ) (1,881 ) Net loss (33,733 ) 387 (33,346 ) Six months ended June 30, 2018: Statement of operations: Revenue from services $ 52,635 $ 1,371 $ 54,006 Cost of services 44,465 1,250 45,715 Income taxes (1,302 ) 45 (1,257 ) Net loss (34,896 ) 76 (34,820 ) The impact of the adoption on our unaudited condensed consolidated balance sheet was as follows: June 30, 2018 Balances Without Adoption of ASU 2014-09 Impact of Adoption of ASU 2014-09 As Reported Balance Sheet: Current assets: Accounts receivable, net $ 11,193 $ 1,371 $ 12,564 Deferred costs on contracts 489 — 489 Current liabilities: Accrued liabilities 6,194 1,250 7,444 Income and other taxes payable 5,223 45 5,268 Stockholders' equity: Accumulated deficit (168,802 ) 76 (168,726 )

LONG_TERM DEBT (Tables)

LONG–TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Summary of Long-term Debt	Long–term debt consisted of the following: June 30, 2018 December 31, 2017 Credit facility: Principal outstanding $ 20,000 $ 5,000 Unamortized debt issuance costs (378 ) (599 ) Carrying amount 19,622 4,401 Senior loan facility - principal outstanding 29,000 29,995 10% senior secured notes due 2019: Principal outstanding 1,865 1,872 Unamortized debt issuance costs (17 ) (25 ) Carrying amount 1,848 1,847 10% second lien notes due 2019: Principal outstanding 6,965 85,239 Unamortized debt issuance costs (10 ) (189 ) Carrying amount 6,955 85,050 Total debt 57,425 121,293 Current portion of long-term debt — (995 ) Total long-term debt $ 57,425 $ 120,298

MEZZANINE EQUITY AND STOCKHOL27

MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of Changes in Number of Shares Outstanding	The following table presents the changes in the number of shares outstanding: 2018 Shares issued: Balance as of January 1 9,462 Issue of shares upon vesting of restricted stock units 208 Issue of shares on exercises of stock options 311 Issue of shares in the Exchange 812 Issue of shares on the conversion of the Series B preferred stock 4,492 Issue of shares on exercises of Series C warrants 310 Balance as of June 30 15,595 Shares held as treasury stock: Balance as of January 1 38 Purchase of treasury stock 325 Balance as of June 30 363 Shares outstanding as of June 30 15,232

REVENUE FROM SERVICES (Tables)

REVENUE FROM SERVICES (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue From Contract With Customer [Abstract]
Schedule of Revenue by Major Source	The following table disaggregates our revenue by major source: North America South America Total Three months ended June 30, 2018: Type of contract: Turnkey $ 3,592 $ 12,123 $ 15,715 Term 1,168 — 1,168 Total $ 4,760 $ 12,123 $ 16,883 Six months ended June 30, 2018: Type of contract: Turnkey $ 26,689 $ 21,567 $ 48,256 Term 5,750 — 5,750 Total $ 32,439 $ 21,567 $ 54,006

LOSS PER COMMON SHARE (Tables)

LOSS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Computation of Basic and Diluted Loss Per Share	The computation of basic and diluted loss per share is as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2018 Net loss attributable to SAExploration $ (33,405 ) $ (35,714 ) Amortization of discount on Series A and Series B preferred stock (22,231 ) (67,426 ) Accretion of Series A preferred stock to redemption value 22,667 21,376 Dividends on Series A preferred stock (663 ) (1,119 ) Allocation of earnings to participating securities (1) — — Loss available to common stockholders of SAExploration $ (33,632 ) $ (82,883 ) Weighted average common shares outstanding (basic and diluted) 14,981 12,830 Loss per share available to common stockholders of SAExploration (basic and diluted) $ (2.24 ) $ (6.46 ) Anti-dilutive shares excluded from diluted loss available to common stockholders of SAExploration (2) 137,836 137,836 Three Months Ended June 30, Six Months Ended June 30, 2017 2017 Net loss attributable to SAExploration $ (17,905 ) $ (11,060 ) Weighted average common shares outstanding (basic and diluted) 9,359 9,359 Net loss per share (basic and diluted) $ (1.91 ) $ (1.18 ) Anti-dilutive shares excluded from diluted loss per share (2) 681 667 (1) (2)

OTHER SUPPLEMENTAL INFORMATION

OTHER SUPPLEMENTAL INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of cash and cash equivalents	Cash, cash equivalents and restricted cash are recorded in our unaudited condensed consolidated balance sheet as follows: June 30, 2018 December 31, 2017 Cash and cash equivalents $ 4,525 $ 3,613 Restricted cash 16 41 Total cash, cash equivalents and restricted cash $ 4,541 $ 3,654
Schedule of total accounts receivable, net	Total accounts receivable, net are comprised of the following: June 30, 2018 December 31, 2017 Trade receivables $ 86,592 $ 82,115 Other receivables 4,219 2,104 Total accounts receivable 90,811 84,219 Less: allowance for doubtful accounts (19,130 ) (12 ) Total accounts receivable, net 71,681 84,207 Current accounts receivable, net 12,564 6,105 Long-term accounts receivable, net $ 59,117 $ 78,102
Schedule of accrued liabilities	Accrued liabilities are comprised of the following: June 30, 2018 December 31, 2017 Accrued payroll liabilities $ 2,256 $ 2,781 Accrued interest 246 1,877 Other accrued liabilities 4,942 1,653 Total accrued liabilities $ 7,444 $ 6,311
Schedule of supplemental cash flows information	Supplemental cash flows information is as follows: Six Months Ended June 30, 2018 2017 Cash paid for interest $ 4,705 $ 1,946 Cash paid for income taxes 1,766 4,006
Schedule of noncash transactions	Supplemental noncash transactions are as follows: As of June 30, 2018 2017 Costs to issue stock included in prepaid expenses and other current assets $ 1,442 $ — Costs for additions to property and equipment in accounts payable 179 — Costs to issue stock included in accounts payable 995 —

BASIS OF PRESENTATION AND SUM31

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impact of Adoption on Unaudited Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of operations:
Revenue from services	$ 16,883		$ 54,006
Cost of services	19,710		45,715
Income taxes	(1,881)	$ 485	(1,257)	$ 2,225
Net loss	(33,346)	$ (17,840)	(34,820)	$ (9,013)
Accounting Standards Update 2014-09 | Balances Without Adoption of ASU 2014-09
Statement of operations:
Revenue from services	15,889		52,635
Cost of services	19,093		44,465
Income taxes	(1,871)		(1,302)
Net loss	(33,733)		(34,896)
Accounting Standards Update 2014-09 | Impact of Adoption of ASU 2014-09
Statement of operations:
Revenue from services	994		1,371
Cost of services	617		1,250
Income taxes	(10)		45
Net loss	$ 387		$ 76

BASIS OF PRESENTATION AND SUM32

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Impact of Adoption on Unaudited Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Balance Sheet:
Accounts receivable, net	$ 12,564	$ 6,105
Deferred costs on contracts	489	2,107
Accrued liabilities	7,444	6,311
Income and other taxes payable	5,268	7,887
Accumulated deficit	(168,726)	$ (133,306)
Accounting Standards Update 2014-09 | Balances Without Adoption of ASU 2014-09
Balance Sheet:
Accounts receivable, net	11,193
Deferred costs on contracts	489
Accrued liabilities	6,194
Income and other taxes payable	5,223
Accumulated deficit	(168,802)
Accounting Standards Update 2014-09 | Impact of Adoption of ASU 2014-09
Balance Sheet:
Accounts receivable, net	1,371
Accrued liabilities	1,250
Income and other taxes payable	45
Accumulated deficit	$ 76

BASIS OF PRESENTATION AND SUM33

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Gas And Oil Acreage [Line Items]
Cancelable service contracts expected period	1 year
Tax Accounting for Intra-entity Asset Transfers Other Than Inventory
Gas And Oil Acreage [Line Items]
Cumulative effect of new accounting pronouncement			$ 294
Accumulated Deficit | Tax Accounting for Intra-entity Asset Transfers Other Than Inventory
Gas And Oil Acreage [Line Items]
Cumulative effect of new accounting pronouncement		$ 300	$ 294

Long-term Debt Exchange - Addit

Long-term Debt Exchange - Additional Information (Details) - USD ($)	1 Months Ended	6 Months Ended		12 Months Ended
	Jan. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Gain on extinguishment of debt		$ 53,000	$ 0
Second Lien Notes
Debt Instrument [Line Items]
Debt stated interest rate percentage		10.00%		10.00%
Debt, maturity year		2,019		2,019
Debt, face amount		$ 6,965,000		$ 85,239,000
Senior Notes
Debt Instrument [Line Items]
Debt stated interest rate percentage		10.00%		10.00%
Debt, maturity year		2,019		2,019
Debt, face amount		$ 1,865,000		$ 1,872,000
Restructuring Support Agreement | Supporting Holders | Secured Debt | Second Lien Notes
Debt Instrument [Line Items]
Debt stated interest rate percentage	10.00%
Debt, maturity year	2,019
Percentage of par value of debt owned by holders	85.00%
Restructuring Support Agreement | Supporting Holders | Secured Debt | Senior Notes
Debt Instrument [Line Items]
Debt stated interest rate percentage	10.00%
Debt, maturity year	2,019
Exchange | Second Lien Notes and Senior Secured Notes
Debt Instrument [Line Items]
Gain on extinguishment of debt	$ 100,000
Exchange | Secured Debt | Second Lien Notes
Debt Instrument [Line Items]
Debt, face amount	78,000,000
Exchange | Secured Debt | Senior Notes
Debt Instrument [Line Items]
Debt, face amount	$ 7,000
Exchange | Secured Debt | Common Stock | Second Lien Notes and Senior Secured Notes
Debt Instrument [Line Items]
Issuance of preferred stock (in shares)	800,000
Value of shares issued		500,000
Exchange | Secured Debt | Series A Preferred Stock | Second Lien Notes and Senior Secured Notes
Debt Instrument [Line Items]
Issuance of preferred stock (in shares)	30,000
Value of shares issued		62,000,000
Allocated stock issuance costs		3,600,000
Exchange | Secured Debt | Series B Preferred Stock | Second Lien Notes and Senior Secured Notes
Debt Instrument [Line Items]
Issuance of preferred stock (in shares)	900,000
Value of shares issued		$ 10,800,000
Exchange | Secured Debt | Series C Warrants | Second Lien Notes and Senior Secured Notes
Debt Instrument [Line Items]
Issuance of preferred stock (in shares)	8,300,000	4,800,000
Value of shares issued		$ 4,800,000

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)option	Jun. 30, 2018USD ($)option	Jun. 30, 2018USD ($)option	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net, noncurrent	$ 59,117	$ 59,117	$ 59,117		$ 78,102
Purchase of oil and natural gas		19,710	45,715
Tax credits assigned as collateral for accounts estimated to receive amount of monetization	56,500	56,500	56,500
Provision for doubtful accounts		$ 19,000	$ 19,120	$ 0
State of ALASKA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Bonds issued to pay estimated liability for Tax Credit certificates	$ 1,000,000
Number of option | option	2	2	2
State of ALASKA | State and Local Jurisdiction | Oil and Gas Purchased Include Slight Discount
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase of oil and natural gas			$ 14,900
State of ALASKA | State and Local Jurisdiction | Oil and Gas Purchased Monetized Later Date
Accounts, Notes, Loans and Financing Receivable [Line Items]
Tax credit certificates sold to third party		$ 2,700	2,700
First Option | State of ALASKA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase of the tax credit certificates at a discount rate	10.00%
Second Option | State of ALASKA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase of the tax credit certificates at a cost of capital	5.10%
Customer Concentration Risk | Customer A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net, noncurrent	$ 78,100	$ 78,100	$ 78,100
Customer Concentration Risk | Accounts Receivable | Customer A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage			86.10%

Long-term Debt - Summary of Lon

Long-term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total debt	$ 57,425	$ 121,293
Current portion of long-term debt		(995)
Long-term debt	57,425	120,298
Credit Facility
Debt Instrument [Line Items]
Principal outstanding	20,000	5,000
Unamortized debt issuance costs	(378)	(599)
Carrying amount	19,622	4,401
Senior Loan Facility
Debt Instrument [Line Items]
Principal outstanding	29,000	29,995
Current portion of long-term debt	0	(995)
10% senior secured notes due 2019
Debt Instrument [Line Items]
Principal outstanding	1,865	1,872
Unamortized debt issuance costs	(17)	(25)
Carrying amount	1,848	1,847
10% second lien notes due 2019
Debt Instrument [Line Items]
Principal outstanding	6,965	85,239
Unamortized debt issuance costs	(10)	(189)
Carrying amount	$ 6,955	$ 85,050

Long-term Debt - Summary of L37

Long-term Debt - Summary of Long-term Debt (Parenthetical) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
10% senior secured notes due 2019
Debt Instrument [Line Items]
Debt stated interest rate percentage	10.00%	10.00%
Debt, maturity year	2,019	2,019
10% second lien notes due 2019
Debt Instrument [Line Items]
Debt stated interest rate percentage	10.00%	10.00%
Debt, maturity year	2,019	2,019

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) - USD ($) shares in Thousands	1 Months Ended		6 Months Ended
	Feb. 28, 2018	Jan. 31, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Gain on extinguishment of debt			$ 53,000	$ 0
Credit Facility
Debt Instrument [Line Items]
Debt, face amount			20,000,000		$ 5,000,000
Second Lien Notes
Debt Instrument [Line Items]
Debt, face amount			6,965,000		85,239,000
Senior Notes
Debt Instrument [Line Items]
Debt, face amount			1,865,000		1,872,000
Senior Loan Facility
Debt Instrument [Line Items]
Debt, face amount			$ 29,000,000		$ 29,995,000
Senior Loan Facility | Credit Facility
Debt Instrument [Line Items]
Debt instrument extended maturity period	2020-01
Restructuring Support Agreement | Supporting Holders | Secured Debt | Second Lien Notes
Debt Instrument [Line Items]
Percentage of par value of debt owned by holders		85.00%
Exchange Offer | Second Lien Notes and Senior Secured Notes
Debt Instrument [Line Items]
Gain on extinguishment of debt		$ 100,000
Exchange Offer | Secured Debt | Second Lien Notes
Debt Instrument [Line Items]
Debt, face amount		78,000,000
Exchange Offer | Secured Debt | Senior Notes
Debt Instrument [Line Items]
Debt, face amount		$ 7,000
Exchange Offer | Secured Debt | Common Stock | Second Lien Notes and Senior Secured Notes
Debt Instrument [Line Items]
Issuance of preferred stock (in shares)		800
Exchange Offer | Secured Debt | Series A Preferred Stock | Second Lien Notes and Senior Secured Notes
Debt Instrument [Line Items]
Issuance of preferred stock (in shares)		30
Exchange Offer | Secured Debt | Series B Preferred Stock | Second Lien Notes and Senior Secured Notes
Debt Instrument [Line Items]
Issuance of preferred stock (in shares)		900
Exchange Offer | Secured Debt | Series C Warrants | Second Lien Notes and Senior Secured Notes
Debt Instrument [Line Items]
Issuance of preferred stock (in shares)		8,300

MEZZANINE EQUITY AND STOCKHOL39

MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($)	Jul. 01, 2018	Jun. 15, 2018	Apr. 02, 2018	Mar. 14, 2018	Mar. 08, 2018	Jan. 31, 2018	Jan. 31, 2018	Jun. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Class of Stock [Line Items]
Preferred stock, authorized shares (in shares)								1,000,000	1,000,000
Preferred stock, par value (USD per share)								$ 0.0001	$ 0.0001
Common stock, authorized shares (in shares)						55,000,000	55,000,000	200,000,000	200,000,000
Common stock, par value (USD per share)								$ 0.0001	$ 0.0001
Exercise period of warrants									30 days
Derecognized amount of Series B preferred stock at conversion					$ 23,000,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)		1		1
Discount on Series A preferred stock issued in debt exchange									$ 61,971,000
Preferred dividends paid-in-kind (in dollars per share)		$ 0.02		$ 0.01378
Preferred stock, shares outstanding (in shares)		1		1
Dividend payable, record date		Jun. 15, 2018							Mar. 15, 2018
Shares issued as stock dividends (in shares)			456
Series A Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Shares issued as stock dividends (in shares)	663
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)								0	0
Preferred stock, shares outstanding (in shares)								0	0
Series A and B Preferred Stocks
Class of Stock [Line Items]
Number of warrants issued (in shares)									200,000
Series A and B Preferred Stocks | Minimum
Class of Stock [Line Items]
Exercise price of warrants (in dollars per share)								$ 10.30	$ 10.30
Series A and B Preferred Stocks | Maximum
Class of Stock [Line Items]
Exercise price of warrants (in dollars per share)								$ 12.88	$ 12.88
Exchange | Series A Preferred Stock | Second Lien Notes and Senior Secured Notes | Secured Debt
Class of Stock [Line Items]
Value of shares issued									$ 62,000,000
Stock issuance costs									3,600,000
Discount on Series A preferred stock issued in debt exchange									$ 62,000,000
Amortization period of discount recorded as reduction of value of shares issued									3 years
Deemed dividends								$ 22,200,000	$ 56,600,000
Adjustments in record temporary equity preferred stock at redemption value								$ 22,700,000	21,400,000
Issuance of preferred stock (in shares)							30,000
Exchange | Series A Preferred Stock | Participant Holders
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)						30,000	30,000
Dividend percentage on convertible preferred stock						8.00%
Number of preferred stock convertible shares to be issued in conversion (in shares)						3,271.4653	3,271.4653
Conversion of stock, maximum percentage of ownership after transaction						9.99%	9.99%
Convertible preferred stock, additional pro-rata basis per share						$ 2,000	$ 2,000
Preferred stock, liquidation value (in dollars per share)						$ 1,000	$ 1,000
Exchange | Series B Preferred Stock | Second Lien Notes and Senior Secured Notes | Secured Debt
Class of Stock [Line Items]
Value of shares issued									10,800,000
Issuance of preferred stock (in shares)							900,000
Exchange | Series B Preferred Stock | Participant Holders | Second Lien Notes and Senior Secured Notes | Secured Debt
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)						900,000	900,000
Exchange | Common Stock at Par Value | Second Lien Notes and Senior Secured Notes | Secured Debt
Class of Stock [Line Items]
Number of preferred stock convertible shares to be issued in conversion (in shares)						21.7378	21.7378			4,500,000
Value of shares issued									$ 500,000
Issuance of preferred stock (in shares)							800,000
Exchange | Series D Warrants | Second Lien Notes and Senior Secured Notes | Secured Debt
Class of Stock [Line Items]
Number of preferred stock convertible shares to be issued in conversion (in shares)					14,100,000	21.7378	21.7378			14,100,000
Exercise price of warrants (in dollars per share)										$ 0.0001
Issuance of preferred stock (in shares)									0
Exchange | Series D Warrants | Participant Holders | Second Lien Notes and Senior Secured Notes | Secured Debt
Class of Stock [Line Items]
Exercise price of warrants (in dollars per share)					$ 0.0001
Exchange | Series A and B Preferred Stocks | Participant Holders | Second Lien Notes and Senior Secured Notes | Secured Debt
Class of Stock [Line Items]
Conversion of stock, maximum percentage of ownership after transaction					10.00%	10.00%	10.00%
Exchange | Series C Warrants | Second Lien Notes and Senior Secured Notes | Secured Debt
Class of Stock [Line Items]
Value of shares issued									$ 4,800,000
Issuance of preferred stock (in shares)							8,300,000		4,800,000
Number of warrants outstanding								8,000,000	8,000,000
Number of warrants excercised								300,000	300,000
Exchange | Series C Warrants | Participant Holders | Second Lien Notes and Senior Secured Notes | Secured Debt
Class of Stock [Line Items]
Exercise price of warrants (in dollars per share)						$ 0.0001	$ 0.0001

MEZZANINE EQUITY AND STOCKHOL40

MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY - Schedule of Changes in Number of Shares Outstanding (Details) - shares	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Shares issued:
Balance as of January 1	9,462,000
Issue of shares upon vesting of restricted stock units	208,000
Issue of shares on exercises of stock options	311,000
Issue of shares in the Exchange	812,000
Issue of shares on the conversion of the Series B preferred stock	4,492,000
Issue of shares on exercises of Series C warrants	310,000
Balance as of June 30	15,595,000
Shares held as treasury stock:
Balance as of January 1	38,024
Purchase of treasury stock	325,000
Balance as of June 30	363,361
Shares outstanding as of June 30	15,231,852	9,424,334

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details)	6 Months Ended
	Jun. 30, 2018
Schedule of Equity Method Investments [Line Items]
Variable interest entity, ownership percentage	49.00%
Kuukpik
Schedule of Equity Method Investments [Line Items]
Gross revenue percentage received by joint venture	10.00%

REVENUE FROM SERVICES - Additio

REVENUE FROM SERVICES - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Revenue From Contract With Customer [Abstract]
Assets recognized for costs to fulfill contracts	$ 489,000	$ 489,000	$ 2,107,000
Amortization of asset contract costs	2,300,000	6,300,000
Deferred revenue	$ 0	0	$ 1,477,000
Deferred revenue, revenue recognized		$ 1,500,000

REVENUE FROM SERVICES - Disaggr

REVENUE FROM SERVICES - Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue from services	$ 16,883	$ 54,006
Turnkey
Disaggregation of Revenue [Line Items]
Revenue from services	15,715	48,256
Term
Disaggregation of Revenue [Line Items]
Revenue from services	1,168	5,750
North America
Disaggregation of Revenue [Line Items]
Revenue from services	4,760	32,439
North America | Turnkey
Disaggregation of Revenue [Line Items]
Revenue from services	3,592	26,689
North America | Term
Disaggregation of Revenue [Line Items]
Revenue from services	1,168	5,750
South America
Disaggregation of Revenue [Line Items]
Revenue from services	12,123	21,567
South America | Turnkey
Disaggregation of Revenue [Line Items]
Revenue from services	12,123	21,567
South America | Term
Disaggregation of Revenue [Line Items]
Revenue from services	$ 0	$ 0

REVENUE FROM SERVICES - Remaini

REVENUE FROM SERVICES - Remaining Performance Obligations (Details) $ in Millions	Jun. 30, 2018USD ($)
Revenue From Contract With Customer [Abstract]
Revenue, remaining performance obligation	$ 38

REVENUE FROM SERVICES - Remai45

REVENUE FROM SERVICES - Remaining Performance Obligations (Details1)	Jun. 30, 2018
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected period of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation percentage	17.00%
Revenue, remaining performance obligation, expected period of satisfaction	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation percentage	83.00%
Revenue, remaining performance obligation, expected period of satisfaction	12 months

EQUITY-BASED COMPENSATION (Deta

EQUITY-BASED COMPENSATION (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
RSUs | Senior Management
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Shares issued	10,400,000
Grant date fair value of stock				$ 13.8
RSUs | Senior Management | July 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Awards vesting percentage				25.00%
RSUs | Senior Management | January 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Awards vesting percentage				25.00%
RSUs | Senior Management | January 29, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Awards vesting percentage				50.00%
Stock Option and Restricted Stock Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Unrecognized compensation cost		$ 12.2		$ 12.2
Weighted average period of unrecognized compensation cost to recognize				2 years 7 months 6 days
Stock Option and Restricted Stock Unit Awards | Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense		$ 1.6	$ 0.6	$ 2.6	$ 1.3
Stock Option and Restricted Stock Unit Awards | Exchange Offer | Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense				$ 0.8

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal statutory corprorate rate			21.00%		35.00%
Effective tax rate	5.30%	(2.80%)	3.50%	(32.80%)

LOSS PER COMMON SHARE - Computa

LOSS PER COMMON SHARE - Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share Diluted [Line Items]
Net loss attributable to SAExploration	$ (33,405)	$ (17,905)	$ (35,714)	$ (11,060)
Allocation of earnings to participating securities	0		0
Loss available to common stockholders of SAExploration	$ (33,632)		$ (82,883)
Weighted average common shares outstanding (basic and diluted)	14,981	9,359	12,830	9,359
Loss per share available to common stockholders of SAExploration (basic and diluted)	$ (2.24)	$ (1.91)	$ (6.46)	$ (1.18)
Anti-dilutive shares excluded from diluted loss available to common stockholders of SAExploration	137,836	681	137,836	667
Series A Preferred Stock
Earnings Per Share Diluted [Line Items]
Amortization of discount on Series A and Series B preferred stock	$ (22,231)		$ (67,426)
Accretion of Series A preferred stock to redemption value	22,667		21,376
Dividends	$ (663)		$ (1,119)

FAIR VALUE OF FINANCIAL INSTR49

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Level 2 - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Estimated fair values
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of long-term debt	$ 7,600	$ 32,300
Carrying values
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value of long-term debt	$ 8,800	$ 86,900

OTHER SUPPLEMENTAL INFORMATIO50

OTHER SUPPLEMENTAL INFORMATION - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Cash and cash equivalents	$ 4,525	$ 3,613
Restricted cash	16	41
Total cash, cash equivalents and restricted cash	$ 4,541	$ 3,654	$ 25,352	$ 11,996

OTHER SUPPLEMENTAL INFORMATIO51

OTHER SUPPLEMENTAL INFORMATION - Total Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Trade receivables	$ 86,592	$ 82,115
Other receivables	4,219	2,104
Total accounts receivable	90,811	84,219
Less: allowance for doubtful accounts	(19,130)	(12)
Total accounts receivable, net	71,681	84,207
Current accounts receivable, net	12,564	6,105
Long-term accounts receivable, net	$ 59,117	$ 78,102

OTHER SUPPLEMENTAL INFORMATIO52

OTHER SUPPLEMENTAL INFORMATION - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accrued payroll liabilities	$ 2,256	$ 2,781
Accrued interest	246	1,877
Other accrued liabilities	4,942	1,653
Total accrued liabilities	$ 7,444	$ 6,311

OTHER SUPPLEMENTAL INFORMATIO53

OTHER SUPPLEMENTAL INFORMATION - Supplemental Cash Flows Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Cash paid for interest	$ 4,705	$ 1,946
Cash paid for income taxes	$ 1,766	$ 4,006

OTHER SUPPLEMENTAL INFORMATIO54

OTHER SUPPLEMENTAL INFORMATION - Noncash Transactions (Details) $ in Thousands	Jun. 30, 2018USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Costs to issue stock included in prepaid expenses and other current assets	$ 1,442
Costs for additions to property and equipment in accounts payable	179
Costs to issue stock included in accounts payable	$ 995

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Common stock, outstanding shares (in shares)	15,231,852	9,424,334
SSI | Chief Executive Officer
Related Party Transaction [Line Items]
Common stock, outstanding shares (in shares)	30,000
SSI | Chief Executive Officer | Credit Facility
Related Party Transaction [Line Items]
Maximum borrowing capacity	$ 400,000
SSI | Chief Executive Officer | Senior Loan Facility
Related Party Transaction [Line Items]
Borrowings under credit facility	$ 500,000
CLCH | Chief Executive Officer
Related Party Transaction [Line Items]
Common stock, outstanding shares (in shares)	20,000

SUBSEQUENT EVENTS - Additional

SUBSEQUENT EVENTS - Additional Information (Details) - Subsequent Event - USD ($)	Jul. 26, 2018	Jul. 25, 2018	Jul. 24, 2018	Jul. 05, 2018
GEOK
Subsequent Event [Line Items]
Effective date of acquisition		Jul. 25, 2018
Acquisition related costs		$ 19,400,000
Aggregate principal amount		$ 24,300,000
Series A Preferred Stock
Subsequent Event [Line Items]
Consented outstanding shares to all outstanding shares for conversion, rate			77.30%
Third Amendment
Subsequent Event [Line Items]
Maximum borrowing capacity				$ 30,000,000
Line of credit facility, amount borrowed				$ 10,000,000
6.0% Convertible Secured Notes Due 2023 | GEOK
Subsequent Event [Line Items]
Aggregate principal amount	$ 50,000,000
Debt stated interest rate percentage	6.00%
Debt maturity year	2,023