UNITED STATES SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549



FORM 10-K/A(Amendment No. 3)



| | þ | ANNUAL REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ------------------------------------------------------------------------------------

For the fiscal year endedDecember
31, 2013

or

| |  ̈ | TRANSITION REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ----------------------------------------------------------------------------------------



Commission file number001-35471

SAExploration
Holdings, Inc.

(Exact name of registrant as specified in
its charter)



|Delaware                                                                                     | 27-4867100                          
|-------------------------------------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or organization)                               | (I.R.S. Employer Identification No.)
|                                                                                             |                                     
|1160 Dairy Ashford, Suite 160, Houston, Texas3333 8th Street SE, 3rd Floor, Calgary, Alberta | 77079T2G 3A4                        
|(Address of principal executive offices)                                                     | (Zip Code)                          



Registrant’s telephone number, including
area code(281) 258-4400



Securities registered pursuant to Section
12(b) of the Act:



|Common Stock, $0.0001 Par Value | The NASDAQ Global Market                   
|------------------------------- | -------------------------------------------
|(Title of each class)           | (Name of each exchange on which registered)



Securities registered pursuant to Section
12(g) of the Act:



Warrants, Each to Purchase One Share
of Common Stock

(Title of class)



Indicate by check mark if the registrant
is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o
NoR



Indicate by check mark if the registrant
is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o
NoR



Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filings requirements for the past 90 days. Yes R No o



Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files). Yes R
No o



Indicate by check mark if disclosure of
delinquent filers pursuant to Item 405 of Regulation in S-K (§229.405 of this chapter) is not contained herein, and will not
be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference
in Part III of this Form 10-K or any amendment to this Form 10-K. o



Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of
“large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2
of the Exchange Act.



|Large accelerated filer o                                               | Accelerated filer  o      
|----------------------------------------------------------------------- | --------------------------
|Non-accelerated filer  o  (Do not check if a smaller reporting company) | Smaller reporting companyþ



Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Act). Yes o NoR



The aggregate market value of the voting
and non-voting common equity held by non-affiliates of the registrant as of June 28, 2013, the last business day of the registrant’s
most recently completed second fiscal quarter was $64,404,673, calculated by reference to the closing price of $10.15 for the registrant’s
common stock on The Nasdaq Global Market on that date.



Number of shares of Common Stock, $0.0001
par value, outstanding as of March 31, 2014: 14,870,549



DOCUMENTS INCORPORATED BY REFERENCE

None.



Exhibit Index Located on Page 9











EXPLANATORY NOTE



This Form 10-K/A is being filed as an amendment (“Amendment
No. 3”) to the Annual Report on Form 10-K filed by SAExploration Holdings, Inc. with the Securities and Exchange Commission
(the “SEC”) on April 3, 2014 (the “Original Filing”), as amended by Amendment No. 1 on Form 10-K/A filed
with the SEC on April 14, 2014 (“Amendment No. 1”), and as amended by Amendment No. 2 on Form 10-K/A filed with the
SEC on April 28, 2014 (“Amendment No. 2”), to amend our previous disclosure in Item 1 of the Original Filing to name
our two significant customers for the fiscal year ended December 31, 2013. Item 1 of the Original Filing, as so amended, is restated
in its entirety below. We are also including as Exhibits 10.28 and 10.29 hereto copies of the master service agreement with those
significant customers. In addition, with this Amendment No. 3, we are including currently dated certifications by our chief executive
officer and chief financial officer as Exhibits 31.1 and 31.2 under Section 302 of the Sarbanes-Oxley Act of 2002 as required by
Rule 12b-15 under the Securities Exchange Act of 1934, as amended. We are not including updated certifications under Section 906
of the Sarbanes-Oxley Act of 2002, as there are no financial statements included in this Amendment No. 3.



Except as described above, no other sections of the Original
Filing, as amended by Amendment No. 1 and Amendment No. 2, have been amended. This Amendment No. 3 is presented as of April 3,
2014, the filing date of the Original Filing, and has not been updated to reflect other events, occurring after the date of the
Original Filing, or to modify or update those disclosures affected by subsequent events. More current information is contained
in our other filings with the Securities and Exchange Commission.



i







TABLE OF CONTENTS



|PART I             | 1
|------------------ | -
|ITEM 1.  Business. | 1
|                   |  
|EXHIBIT INDEX.     | 9



ii







PART I



ITEM 1.Business.



Overview



We were incorporated in Delaware on February
2, 2011, under the name Trio Merger Corp. as a blank check company in order to serve as a vehicle for the acquisition of a target
business. On June 24, 2013, we completed a business combination in which the entity formerly known as SAExploration Holdings, Inc.
(“Former SAE”) merged with and into our wholly-owned subsidiary Trio Merger Sub, Inc. (“Merger Sub”), with
Merger Sub surviving (the “Merger”), and we operate the business of Former SAE which is a geophysical services company
offering a full range of seismic data acquisition services in North America, South America and Southeast Asia to our customers
in the oil and natural gas industry. Our services include the acquisition of 2D, 3D, time-lapse 4D and multi-component seismic
data on land, in transition zones and in shallow water, as well as seismic data field processing. Seismic data is used by our customers,
which include national oil companies, major international oil companies and independent oil and gas exploration and production
companies, to identify and analyze drilling prospects and maximize successful drilling.



We specialize in the acquisition of seismic
data in logistically complex and challenging environments and delicate ecosystems, including jungle, mountain and arctic terrain,
and have extensive experience in deploying personnel and equipment in remote locations, while maintaining a strong quality, health,
safety and environmental (“QHSE”) track record. We operate crews around the world that are equipped with over 29,500
land and marine channels of seismic data acquisition equipment.



Our principal headquarters are located in
Houston, Texas at 1160 Dairy Ashford, Suite 160, Houston, Texas, 77079, Telephone: (281) 258-4400, and our web address is www.saexploration.com.
We do not intend for information contained in our website to be a part of this report.



Our operations in our various geographic
locations are conducted through our subsidiary SAExploration, Inc. and its wholly-owned subsidiaries and branch offices in the
United States (primarily Alaska), Canada, Peru, Colombia, Papua New Guinea, Brazil, Bolivia, Malaysia, and New Zealand.



Seismic Data Acquisition Services



We provide a full range of seismic data
acquisition and infield processing services. We currently provide our services on only a proprietary basis to our customers and
the seismic data acquired is owned by our customers once acquired.



Our seismic data acquisition services include
the following:



| | • | Program Design
| | - | --------------



| | • | Planning and Permitting
| | - | -----------------------



| | • | Camp Services
| | - | -------------



| | • | Survey
| | - | ------



| | • | Drilling
| | - | --------



| | • | Recording
| | - | ---------



| | • | Reclamation
| | - | -----------



| | • | In-field Processing
| | - | -------------------



1







Program Design, Planning and Permitting.
The seismic survey is initiated at the time the customer requests a proposal to acquire seismic data on its behalf. We employ an
experienced design team, including geophysicists with extensive experience in 2D, 3D and time-lapse 4D survey design, to assess
and recommend acquisition parameters and technologies to best meet the customer’s exploration objectives. Our design team
analyzes the request and works with the customer to put an operational, personnel and capital resource plan in place to execute
and complete the project.



Once a seismic program is designed, we work
with the customer to obtain the necessary permits from governmental authorities and access rights of way from surface and mineral
estate owners or lessees where the survey is to be conducted. In most cases, the customer takes the lead in obtaining permits for
seismic operations but we supplement these efforts by providing our expertise with the communities and local governments.



Camp Services. We have developed
efficient processes for setting up, operating and dismantling field camps in challenging and remote project locations. We operate
our camps to ensure the safety, comfort and productivity for the team working on each project and to minimize the environmental
impact through the use of wastewater treatments, trash management, water purification, generators with full noise isolation and
recycling areas.



In areas like South America and Papua New
Guinea, logistical support needs to be in place to establish supply lines for remote jungle camps. To insure the quality of services
delivered to these remote camps, we own 10 supply and personnel river boats to gain access to remote jungle areas. We also have
five jungle camps and a series of 40 fly camps that act as advance camps from the main project camp. Each of these jungle base
camps contains a full service medical facility complete with doctors and nurses in the remote chance it needs to stabilize any
potential injuries for medical transport. The camps are equipped with full meal kitchens held to high standards of cleanliness,
sleeping and recreational quarters, power supply, communications links, air support, water purification systems, black water purification
systems, offices, repair garages, fuel storage and many more support services.



Survey and Drilling. In a typical
seismic recording program, the first two stages of the program are survey and drilling. Once all of the permitting is completed,
the survey crews enter the project areas and begin establishing the source and receiver placements in accordance with the survey
design agreed to by the customer. The survey crew lays out the line locations to be recorded and, if explosives are being used,
identifies the sites for shot-hole placement. The drilling crew creates the holes for the explosive charges that produce the necessary
acoustical impulse.



The surveying and drilling crews may be
employed by us or may be third party contractors depending on the nature of the project and its location. In North America, the
surveying and drilling crews are typically provided by third party contractors and supervised by our personnel. In North America,
our vibroseis source units consist of the latest source technology, including eight AHV IV 364 Commander Vibrators and six environmentally
friendly IVI mini vibrators, complete with the latest Pelton DR electronics. In South America and Southeast Asia, we perform our
own surveying and drilling, which is supported by up to 200 drilling units, including people portable, low impact self-propelled
walk behind, track driven and heliportable deployed drilling rigs. Our senior drilling staff has a combined work experience of
over 50 years in some of the most challenging environments in the world. On most programs there are multiple survey and drilling
crews that work at a coordinated pace to remain ahead of the data recording crews.



Recording. We use equipment capable
of collecting 2D, 3D, time-lapse 4D and multi-component seismic data. We utilize vibrator energy sources or explosives depending
on the nature of the program. In addition, we have over 29,500 land and marine seismic channels and other equipment available through
rental or long-term leasing sources. All of our systems record equivalent seismic information but vary in the manner by which seismic
data is transferred to the central recording unit, as well as their operational flexibility and channel count expandability. We
utilize 11,500 channels of Sercel 428/408 equipment, 6,000 channels of Fairfield Land Nodal equipment and 2,000 units Fairfield
Ocean Bottom Nodal equipment and 10,000 channels of Oyo GSR equipment.



We have made significant capital investments
to increase the recording capacity of our crews by increasing channel count and the number of energy source units we operate. This
increase in channel count demand is driven by customer needs and is necessary in order to produce higher resolution images, increase
crew efficiencies and undertake larger scale projects. In response to project-based channel requirements, we routinely deploy a
variable number of channels with a variable number of crews in an effort to maximize asset utilization and meet customer needs.
When recording equipment is at or near full utilization, we utilize rental equipment from strategic suppliers to augment our existing
inventories. We believe we will realize the benefit of increased channel counts and flexibility of deployment through increased
crew efficiencies, higher revenues and increased margins.



2







During the past three years, we dedicated
a significant portion of our capital investment to purchasing and leasing wireless recording systems rather than the traditional
wired systems. We utilize this equipment as primarily stand-alone recording systems, but on occasion it is used in conjunction
with cable-based systems. The wireless recording systems allow us to gain further efficiencies in data recording and provide greater
flexibility in the complex environments in which we operate. In addition, we have realized increased crew efficiencies and lessened
the environmental impact of our seismic programs due to the wireless recording systems because they require presence of fewer personnel
and less equipment in the field. We believe we will experience continued demand for wireless recording systems in the future.



We also utilize multi-component recording
equipment on certain projects to further enhance the quality of data acquired and help our customers enhance their development
of producing reservoirs. Multi-component recording involves the collection of different seismic waves, including shear waves, which
aids in reservoir analysis such as fracture orientation and intensity in shales and allows for more descriptive rock properties.
We maintain a surplus of equipment, and augment our needs with leased equipment from time to time, to provide additional operational
flexibility and to allow us to quickly deploy additional recording channels and energy source units as needed to respond to customer
demand.



Reclamation. We have experienced
teams responsible for reclamation in the areas where work has been performed so as to minimize the environmental footprint from
the seismic program. These programs can include reforestation or other activities to restore the natural landscape at our worksites.



In-field Processing. Our knowledgeable
and experienced team provides our customers with superior quality field processing. Our quality control applications are appropriate
for identifying and analyzing ambient noise, evaluating field parameters and supporting obstacle-recovery strategies. Using the
latest hardware and software, our technical and field teams electronically manage customer data from the field to the processing
office, minimizing time between field production and processing. For full seismic processing, we use software from a variety of
global suppliers. All the steps employed in our basic processing sequence are tailored to the particular customer project and objectives.
We implement strict quality control processes to meet or surpass industry-established standards. Currently, we do not acquire data
for our own account or for future sale, maintain multi-customer data libraries or participate in oil and gas ventures. The results
of a seismic survey conducted for a customer belong to that customer. All of our customers’ information is maintained in
strict confidence.



Markets and Trends



North America



The North American market is a stabilized
and sustained market for 3D seismic data acquisition. Use of 3D technology is the norm in the Lower 48 United States and Canada
as international oil companies seek to maximize the efficiency of their reservoirs and reduce exploration risk.



We expanded into North America in 2011 through
our acquisitions of Datum Exploration Ltd. in Canada and Northern Exploration Services in Alaska. With each of those acquisitions,
we brought on board personnel with extensive operations experience in each location. Our operations in the North American market
are consistent with our strategy to help increase our equipment utilization rates, while concurrently increasing margins, by balancing
growth in North and South America, which have complementary operating seasons.



South America



South American countries continue to expand
and develop, demanding significantly more energy to fuel their growth. As the political environments stabilize, oil companies are
increasing operations in the market and are seeking experienced seismic service providers with complex environment know-how, strong
QHSE records and excellent relations with local communities to satisfy their seismic needs.



3







We have maintained operations in South America
since 2006 while further growing our presence in Bolivia, Brazil, Colombia, and Peru.



Southeast Asia



Exploration activities in Southeast Asia
have continued to increase along with the demand for energy in that region. In 2010, we entered the Southeast Asian market by commencing
operations in Papua New Guinea for one of our major long-time customers. We have expanded our operations in Southeast Asia into
New Zealand and shallow-water marine work in Malaysia. During 2013, we also opened an office in Malaysia to pursue significant
opportunities within the region.



Africa



During the last part of 2013 we began the
process of opening an office in Ethiopia. We will proceed with establishing a legal entity in Ethiopia and pursuing opportunities
in North Africa. The projects in North Africa are consistent with our strategy of operating in logistically complex regions.



Strengths



Extensive experience in challenging environments.
We specialize in seismic data acquisition services in logistically challenging environments on land, in transition zones and in
shallow water. We believe that our extensive experience operating in such complex locations, including our expertise in logistics
management and deploying personnel and equipment customized for the applicable environment, provides us with a significant competitive
advantage.



All of our remote area camps, drills and
support equipment are easily containerized and made for efficient transport to locations anywhere in the world. We employ a sophisticated
tracking system in all of our vehicles, boats, aircraft support and in some cases personnel so we know where our equipment is located
at all times. All of our boats contain radar systems to avoid potential collisions with less sophisticated traffic on the waterways.
We employ recording technology that is primarily adapted for the environments in which we typically operate, however, the systems
can easily be utilized in most environments. We have a logistical support department that works with management to focus on keeping
our equipment strategically located in areas of high utilization.



Global operations with expansion in high-growth
markets. We operate in markets within key high growth regions around the world and continue to expand our presence in those
markets. Our experience includes projects in Alaska, Bolivia, Brazil, Colombia, Peru, Canada, Malaysia, Papua New Guinea and New
Zealand, where exploration activity is increasing due to governmental incentives and the stabilization of regulatory and financial
environments, and we maintain local offices in each of those areas.



Strong QHSE performance record. Stringent
QHSE processes are the foundation of all our projects. Our highly trained and qualified QHSE team has extensive experience working
in diverse ecosystems and complex cultural environments. This experience allows us to deliver high quality data and efficient operations
through systems and processes designed to minimize health and safety risk and overall environmental impact.



Blue chip, loyal customer base. Members
of our management team have long-standing relationships extending over 30 years with many of the largest oil and gas companies
in the world. Our global operating footprint allows us to leverage those relationships throughout the world, and our prior performance
for those customers enhances our ability to obtain new business from both existing and new customers.



Highly experienced management team with
significant ongoing ownership. Our senior executive management team has an average of over 30 years of experience in seismic
services. The experience, knowledge base and relationships that our management team has built over the years enhance our operating
and marketing capabilities and underlie our strong reputation in the industry. Our services are marketed by supervisory and executive
personnel who contact customers to determine geophysical needs and respond to customer inquiries regarding the availability of
crews or processing schedules.



4







Our management currently owns approximately
one-third of our outstanding equity and has voting control over a majority of our outstanding equity, which qualifies us as a “controlled
company.” This provides a strong alignment of the financial interests of our executives and stockholders.



Strategy



We believe we have a strategic advantage
over a substantial number of our competitors in the areas in which we operate because of our expertise in logistics and our ability
to provide a complete solution in remote and complex areas.



Our strategy is to add value for our customers
through a material reduction of the following risks:



| | • | Exploration risk — we deliver consistent high-quality seismic data utilizing the most advanced technology;
| | - | ----------------------------------------------------------------------------------------------------------



| | • | Data acquisition risk — we fulfill our promises regarding the timing, quality and scope of our services;
| | - | --------------------------------------------------------------------------------------------------------



| | • | Reputation risk — we attract and retain highly skilled and experienced professionals who embody our strong focus on customer
service, safety and environmental safeguards; and
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | QHSE risk — we place the highest priority on the health and safety of our workforce, the protection of our assets, the
environment and the communities where we conduct our work, and we strive for continual improvement in all QHSE aspects.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



We enable this strategy by continuing to
pursue excellence in the following activities:



| | • | Building and maintaining mutually beneficial, long-term relationships with customers;
| | - | -------------------------------------------------------------------------------------



| | • | Aggressively marketing our capabilities and customer-value added proposition;
| | - | -----------------------------------------------------------------------------



| | • | Continually monitoring technological developments in the industry, and implementing cutting-edge technologies that can give
us a competitive advantage;
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------



| | • | Sharing best practices across regions to ensure the consistent delivery of high quality service; and
| | - | ----------------------------------------------------------------------------------------------------



| | • | Continuing to seek innovative ideas to reduce the seasonal gaps in our equipment utilization rates.
| | - | ---------------------------------------------------------------------------------------------------



Seasonal Variation in Business



Seismic data acquisition services are performed
outdoors and, consequently, are subject to weather and seasonality. Particularly in Canada and Alaska, the primary season for seismic
data acquisition is during the winter, from approximately December to April, since much of the terrain for seismic data acquisition
cannot be accessed until the ground has frozen. The weather conditions during this time of year can affect the timing and efficiency
of operations. In addition, this prime season can be shortened by warmer weather conditions.



In South America and Southeast Asia, our
operations are affected by the periods of heavy rain in the areas where seismic operations are conducted. Specifically, the jungle
areas of Peru and Colombia are affected by heavy rain during certain parts of the year so we must either avoid taking projects
during these time periods or limit the weather risk in a particular customer contract. Many of the heavy rain periods in South
America, though, are during the high season for Canada and Alaska so there are opportunities to maximize the utilization of equipment
and personnel by moving them between these regions to take advantage of the different high seasons.



In all areas of operation, the weather is
an uncontrollable factor that affects our operations at various times of the year. We try to minimize these risks during the bidding
process by utilizing the expertise of our personnel as to the weather in a particular area and through the negotiation of downtime
clauses in our contracts with our customers. Due to the unpredictability of weather conditions, there may be times when adverse
conditions substantially affect our operations and the financial results of a particular project may be impacted.



5







Marketing



Our services are marketed from our various
offices around the world. We have a corporate business development and marketing staff and also have local managers who interact
with customers in each country of operations. Through these customer interactions, we are able to remain updated on a customer’s
upcoming projects in the area and to work with the customer on projects in other countries.



Contracts are obtained either by direct
negotiation with a prospective customer or through competitive bidding in response to invitations to bid. Most of our revenue historically
has been generated through repeat customer sales and new sales to customers referred by existing and past customers. In addition,
a significant portion of our engagements results from competitive bidding. Contracts are awarded primarily on the basis of price,
experience, availability, technological expertise and reputation for dependability and safety. With the involvement and review
of senior management, bids are prepared by knowledgeable regional operations managers who understand their respective markets,
customers and operating conditions and who communicate directly with existing and target customers during the bid preparation process.



We also work closely with customers on a
direct award basis to plan particular seismic data acquisition projects. Due to the complexity of the areas where we do business,
these projects can take a number of months in planning and consulting with the customer on exploration goals and parameters of
the projects to fit within a particular budget. By working closely with the customer, we are able to acquire seismic data for a
project efficiently and within the customer’s required timeframe.



Contracts



We conduct data acquisition services under
master service agreements with our customers that set forth certain obligations of our customers and us. A supplemental agreement
setting forth the terms of a specific project, which may be cancelled by either party on short notice, is entered into for every
data acquisition project. The supplemental agreements are either “turnkey” agreements that provide for a fixed fee
to be paid to us for each unit of data acquired, or “term” agreements that provide for a fixed hourly, daily or monthly
fee during the term of the project.



Turnkey agreements generally mean more profit
potential, but involve more risks due to potential crew downtimes or operational delays. We attempt to negotiate on a project-by-project
basis some level of weather downtime protection within the turnkey agreements. Under term agreements, we are ensured a more consistent
revenue stream with improved protection from crew downtime or operational delays, but with a decreased profit potential.



Customers



Our customers include national and international
oil companies and independent oil and gas exploration and production companies. Our revenues are derived from a concentrated customer
base. During the year ended December 31, 2013, we had two customers, Talisman Sasol Montney Partnership and Pacific Rubiales Energy,
that represented 52% of our consolidated revenue for the period. We conduct services for these customers pursuant to master service
agreements between them and our operating subsidiaries. During the year ended December 31, 2012, we had three customers that individually
exceeded 10% of our consolidated revenue and in the aggregate represented 56% of consolidated revenue for the period. Based on
the nature of our contracts and customer projects, our significant customers can change from year to year and the significant customers
in any year may not be indicative of the largest customers in any subsequent year. However, we had a significant customer in 2012
and in 2013. In 2012, our significant customer represented 33% of our consolidated revenue for the year ended December 31, 2012.
In 2013, our significant customer represented 32% of our consolidated revenue for the year ended December 31, 2013.



Competition



The acquisition of seismic data for the
oil and gas industry is a highly competitive business. Factors such as price, experience, availability, technological expertise
and reputation for dependability and safety of a crew significantly affect a potential customer’s decision to award a contract
to us or one of our competitors.



6







Our competitors include much larger companies
with greater financial resources, more available equipment and more crews, as well as companies of comparable and smaller sizes.
Our primary competitors are Compagnie Générale de Géophysique (CGG), Geokinetics, Inc., Global Geophysical
Services, Inc. and ION Geophysical Corporation. In addition to those companies, we also compete for projects from time to time
with smaller seismic companies that operate in local markets.



Intellectual Property



We rely on certain proprietary information,
proprietary software, trade secrets and confidentiality and licensing agreements to conduct our operations. We continually strive
to improve our operating techniques and technologies, through internal development activities and working with vendors to develop
new processes and technologies to maintain pace with industry innovation. Through this process, we have developed certain proprietary
processes and methods of doing business, particularly with respect to logistics. Although those processes and methods may not be
patentable, we seek to protect our proprietary information by entering into confidentiality agreements with our key managers and
customers.



Equipment Acquisitions and Capital Expenditures



We funded most of our capital expenditures
and working capital needs within the past year with cash from operations and borrowings under our $80 million senior Credit Agreement
(as amended, the “2012 Credit Agreement”). We commit capital funds to purchase or lease the equipment we deem most
effective to conduct our operations and implement our business strategy. Purchasing new assets and upgrading existing capital assets
requires a commitment to capital spending. During 2012, we made capital expenditures of approximately $41.7 million, which was
used to invest in additional seismic acquisition systems and vibroseis equipment and make technical improvements to existing equipment.
During 2013, we made capital expenditures of approximately $11.1 million, which included mostly seismic acquisition equipment.
Any major capital expenditures during 2014 will be presented to our board of directors for approval up to a maximum of $18 million,
which is the limitation under our 2012 Credit Agreement.



Government and Environmental Regulations



Our operations are subject to various international,
federal, provincial, state and local laws and regulations. Those laws and regulations govern various aspects of operations, including
the discharge of explosive materials into the environment, requiring the removal and clean-up of materials that may harm the environment
or otherwise relating to the protection of the environment and access to private and governmental land to conduct seismic surveys.
We believe we have conducted our operations in material compliance with applicable laws and regulations governing our activities.



The costs of acquiring permits and remaining
in compliance with environmental laws and regulations, title research, environmental studies and surveys are generally borne by
our customers. Although our direct costs of complying with applicable laws and regulations have historically not been material,
the changing nature of such laws and regulations makes it impossible to predict the cost or impact of such laws and regulations
on future operations. Additional United States or foreign government laws or regulations would likely increase the compliance and
insurance costs associated with our customers’ operations. Significant increases in compliance expenses for customers could
have a material adverse effect on customers’ operating results and cash flows, which could also negatively impact the demand
for our services.



Employees and Subcontractors



As of February 28, 2014, we had 3,800employees, 176 of whom were located in the United States. From time to time and on an as-needed basis, we supplement our regular
workforce with individuals that we hire temporarily or as independent contractors in order to meet certain business needs. Our
U.S. employees are not represented by any collective bargaining agreement, and we believe that our employee relations are good.



Generally the choice of whether to subcontract
out services depends on the expertise available in a certain region and whether that expertise is more efficiently hired through
subcontractors or by using our own labor force. For the most part, services are subcontracted within North America and our personnel
are used in other regions where we operate. When subcontractors are used, we manage them and require that they comply with our
work policies and QHSE systems.



7







SIGNATURES



Pursuant to the requirements of the Section
13 or 15 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.



|                      | SAEXPLORATION HOLDINGS, INC.
|--------------------- | ----------------------------
|                      |                             
|                      |                             
|Date: October 9, 2014 | By:                         
|                      |                             



In accordance with the Securities Exchange
Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on
the dates indicated.



|SIGNATURE            |  |                                                 | TITLE                                                 |                 | DATE
|-------------------- |  | ----------------------------------------------- | ----------------------------------------------------- | --------------- | ----
|                     |  |                                                 |                                                       |                 |     
|/s/ Jeff Hastings    |  | Executive Chairman and Director                 |                                                       | October 9, 2014
|Jeff Hastings        |  |                                                 |                                                       |                 |     
|/s/ Brian A. Beatty  |  | Chief Executive Officer, President and Director |                                                       | October 9, 2014
|Brian A. Beatty      |  |                                                 | (Principal Executive Officer)                         |                 |     
|/s/ Brent Whiteley   |  | Chief Financial Officer, General Counsel,       |                                                       | October 9, 2014
|Brent Whiteley       |  |                                                 | Secretary, and Director (Principal Financial Officer) |                 |     
|/s/ Trisha M. Gerber |  | Chief Accounting Officer                        |                                                       | October 9, 2014
|Trisha M. Gerber     |  |                                                 | (Principal Accounting Officer)                        |                 |     
|*                    |  | Director                                        |                                                       | October 9, 2014
|Eric S. Rosenfeld    |  |                                                 |                                                       |                 |     
|*                    |  | Director                                        |                                                       | October 9, 2014
|David D. Sgro        |  |                                                 |                                                       |                 |     
|*                    |  | Director                                        |                                                       | October 9, 2014
|Gary Dalton          |  |                                                 |                                                       |                 |     
|*                    |  | Director                                        |                                                       | October 9, 2014
|Gregory R. Monahan   |  |                                                 |                                                       |                 |     
|                     |  |                                                 |                                                       |                 |     



|*By: | /s/ Brent Whiteley                        | 
|---- | ----------------------------------------- | 
|     | Brent Whiteley
        (Attorney-in-Fact) | 



8







EXHIBIT INDEX





|Exhibit
No. |  | Description                                                                                                                                                                                                                                                              |  | Included     |  | Form  |  | Filing Date      
|----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------ |  | ----- |  | -----------------
|1.1         |  | Form of Underwriting Agreement.                                                                                                                                                                                                                                          |  | By Reference |  | S-1/A |  | April 28, 2011   
|            |  |                                                                                                                                                                                                                                                                          |  |              |  |       |  |                  
|2.1         |  | Agreement and Plan of Reorganization dated as of December 10, 2012, by and among the Registrant, Trio Merger Sub, Inc., SAExploration Holdings, Inc. and CLCH, LLC.                                                                                                      |  | By Reference |  | 8-K   |  | December 11, 2012
|            |  |                                                                                                                                                                                                                                                                          |  |              |  |       |  |                  
|2.2         |  | First Amendment to Agreement and Plan of Reorganization dated as of May 23, 2013, by and among the Registrant, Trio Merger Sub, Inc., SAExploration Holdings, Inc. and CLCH, LLC.                                                                                        |  | By Reference |  | 8-K   |  | May 28, 2013     
|            |  |                                                                                                                                                                                                                                                                          |  |              |  |       |  |                  
|3.1         |  | Second Amended and Restated Certificate of Incorporation.                                                                                                                                                                                                                |  | By Reference |  | 8-K   |  | June 28, 2013    
|            |  |                                                                                                                                                                                                                                                                          |  |              |  |       |  |                  
|3.2         |  | Amended and Restated Bylaws.                                                                                                                                                                                                                                             |  | By Reference |  | 8-K   |  | June 28, 2013    
|            |  |                                                                                                                                                                                                                                                                          |  |              |  |       |  |                  
|4.1         |  | Specimen Common Stock Certificate.                                                                                                                                                                                                                                       |  | By Reference |  | 8-K   |  | June 28, 2013    
|            |  |                                                                                                                                                                                                                                                                          |  |              |  |       |  |                  
|4.2         |  | Specimen Warrant Certificate.                                                                                                                                                                                                                                            |  | By Reference |  | 8-K   |  | June 28, 2013    
|            |  |                                                                                                                                                                                                                                                                          |  |              |  |       |  |                  
|4.3         |  | Form of Warrant Agreement by and between Continental Stock Transfer & Trust Company and the Registrant.                                                                                                                                                                  |  | By Reference |  | S-1/A |  | April 28, 2011   
|            |  |                                                                                                                                                                                                                                                                          |  |              |  |       |  |                  
|4.4         |  | Amendment to Warrant Agreement dated June 24, 2013, by and between Continental Stock Transfer & Trust Company and the Registrant.                                                                                                                                        |  | By Reference |  | 8-K   |  | June 28, 2013    
|            |  |                                                                                                                                                                                                                                                                          |  |              |  |       |  |                  
|10.1        |  | Credit Agreement dated as of November 28, 2012, by and among SAExploration Holdings, Inc., as parent, SAExploration, Inc., SAExploration Seismic Services (US), LLC and NES, LLC, as borrowers, the lenders party thereto, and CP Admin Co LLC, as Administrative Agent. |  | By Reference |  | 8-K/A |  | October 10, 2013 
|            |  |                                                                                                                                                                                                                                                                          |  |              |  |       |  |                  
|10.2        |  | Amendment No. 1 to Credit Agreement dated as of December 5, 2012, by and among SAExploration Holdings, Inc., SAExploration, Inc., SAExploration Seismic Services (US), LLC, NES, LLC, the lenders party thereto, and CP Admin Co LLC, as Administrative Agent.           |  | By Reference |  | 8-K/A |  | October 10, 2013 
|            |  |                                                                                                                                                                                                                                                                          |  |              |  |       |  |                  
|10.3        |  | Amendment No. 2 and Consent to Credit Agreement dated as of June 24, 2013, by and among SAExploration Holdings, Inc., SAExploration, Inc., SAExploration Seismic Services (US), LLC, NES, LLC, the lenders party thereto, and MC Admin Co LLC, as Administrative Agent.  |  | By Reference |  | 8-K/A |  | October 10, 2013 
|            |  |                                                                                                                                                                                                                                                                          |  |              |  |       |  |                  
|10.4        |  | Joinder to Credit Agreement dated as of June 24, 2013, between the Registrant and MC Admin Co LLC.                                                                                                                                                                       |  | By Reference |  | 8-K   |  | June 28, 2013    





9







|10.5  |  | Amendment No. 3 to Credit Agreement dated as of October 31, 2013, by and among the Registrant, SAExploration Sub, Inc., SAExploration, Inc., SAExploration Seismic Services (US), LLC, NES, LLC, the lenders party thereto, and MC Admin Co LLC, as Administrative Agent. |  | By Reference    |  | 8-K |  | November 1, 2013
|----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------- |  | --- |  | ----------------
|      |  |                                                                                                                                                                                                                                                                           |  |                 |  |     |  |                 
|10.6  |  | Waiver Agreement dated as of October 31, 2013, among the Registrant, CLCH, LLC, Seismic Management Holdings Inc. and Brent Whiteley.                                                                                                                                      |  | By Reference    |  | S-4 |  | November 1, 2013
|      |  |                                                                                                                                                                                                                                                                           |  |                 |  |     |  |                 
|10.7  |  | Indemnity Escrow Agreement dated as of June 24, 2013, by and among SAExploration Holdings, Inc., CLCH, LLC, and Continental Stock Transfer & Trust Company.                                                                                                               |  | By Reference    |  | 8-K |  | June 28, 2013   
|      |  |                                                                                                                                                                                                                                                                           |  |                 |  |     |  |                 
|10.8  |  | Merger Consideration Escrow Agreement dated as of June 24, 2013, by and among SAExploration Holdings, Inc., CLCH, LLC, and Continental Stock Transfer & Trust Company.                                                                                                    |  | By Reference    |  | 8-K |  | June 28, 2013   
|      |  |                                                                                                                                                                                                                                                                           |  |                 |  |     |  |                 
|10.9  |  | Registration Rights Agreement dated June 24, 2013 by and between SAExploration Holdings, Inc. and CLCH, LLC.                                                                                                                                                              |  | By Reference    |  | 8-K |  | June 28, 2013   
|      |  |                                                                                                                                                                                                                                                                           |  |                 |  |     |  |                 
|10.10 |  | Form of Indemnification Agreement.                                                                                                                                                                                                                                        |  | By Reference    |  | 8-K |  | June 28, 2013   
|      |  |                                                                                                                                                                                                                                                                           |  |                 |  |     |  |                 
|10.11 |  | Unsecured Promissory Note in the amount of $17,500,000 by SAExploration Holdings, Inc. for the benefit of CLCH, LLC, as representative.                                                                                                                                   |  | By Reference    |  | 8-K |  | June 28, 2013   
|      |  |                                                                                                                                                                                                                                                                           |  |                 |  |     |  |                 
|10.12 |  | Employment Agreement dated June 24, 2013, by and between SAExploration Holdings, Inc. and Jeff Hastings.                                                                                                                                                                  |  | By Reference(*) |  | 8-K |  | June 28, 2013   
|      |  |                                                                                                                                                                                                                                                                           |  |                 |  |     |  |                 
|10.13 |  | Employment Agreement dated June 24, 2013, by and between SAExploration Holdings, Inc. and Brian Beatty.                                                                                                                                                                   |  | By Reference(*) |  | 8-K |  | June 28, 2013   
|      |  |                                                                                                                                                                                                                                                                           |  |                 |  |     |  |                 
|10.14 |  | Employment Agreement dated June 24, 2013, by and between SAExploration Holdings, Inc. and Brent Whiteley.                                                                                                                                                                 |  | By Reference(*) |  | 8-K |  | June 28, 2013   
|      |  |                                                                                                                                                                                                                                                                           |  |                 |  |     |  |                 
|10.15 |  | Form of Non-Disclosure Agreement between the Registrant and each of Jeff Hastings, Brian Beatty and Brent Whiteley.                                                                                                                                                       |  | By Reference    |  | 8-K |  | June 28, 2013   
|      |  |                                                                                                                                                                                                                                                                           |  |                 |  |     |  |                 
|10.16 |  | Form of Lock-Up Agreement between the Registrant and each of the former stockholders of SAExploration Holdings, Inc.                                                                                                                                                      |  | By Reference    |  | 8-K |  | June 28, 2013   
|      |  |                                                                                                                                                                                                                                                                           |  |                 |  |     |  |                 
|10.17 |  | Employment Agreement dated July 1, 2011, by and between SAExploration, Inc. (f/k/a South American Exploration LLC) and Mike Scott.                                                                                                                                        |  | By Reference(*) |  | 8-K |  | June 28, 2013   



10







|10.18 |  | Employment Agreement dated July 15, 2011, by and between SAExploration, Inc. (f/k/a South American Exploration LLC) and Darin Silvernagle.                                                                                                          |  | By Reference(*) |  | 8-K    |  | June 28, 2013    
|----- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------- |  | ------ |  | -----------------
|      |  |                                                                                                                                                                                                                                                     |  |                 |  |        |  |                  
|10.19 |  | SAExploration Holdings, Inc. 2013 Long-Term Incentive Plan.                                                                                                                                                                                         |  | By Reference(*) |  | 8-K    |  | June 28, 2013    
|      |  |                                                                                                                                                                                                                                                     |  |                 |  |        |  |                  
|10.20 |  | SAExploration Holdings, Inc. 2013 Non-Employee Director Share Incentive Plan.                                                                                                                                                                       |  | By Reference(*) |  | 8-K    |  | August 19, 2013  
|      |  |                                                                                                                                                                                                                                                     |  |                 |  |        |  |                  
|10.21 |  | Form of Notice of Stock Award and Agreement under the SAExploration Holdings, Inc. 2013 Non-Employee Director Share Incentive Plan between the Registrant and each of Gary Dalton, Gregory R. Monahan, Eric S. Rosenfeld and David D. Sgro.         |  | By Reference(*) |  | S-4/A  |  | December 10, 2013
|      |  |                                                                                                                                                                                                                                                     |  |                 |  |        |  |                  
|10.22 |  | Form of Letter Agreement among the Registrant, EarlyBirdCapital, Inc. and each of the Registrant’s Officers, Directors and Initial Stockholders.                                                                                                    |  | By Reference    |  | S-1/A  |  | April 28, 2011   
|      |  |                                                                                                                                                                                                                                                     |  |                 |  |        |  |                  
|10.23 |  | Form of Investment Management Trust Agreement between Continental Stock Transfer & Trust Company and the Registrant.                                                                                                                                |  | By Reference    |  | S-1/A  |  | May 23, 2011     
|      |  |                                                                                                                                                                                                                                                     |  |                 |  |        |  |                  
|10.24 |  | Form of Escrow Agreement between the Registrant, Continental Stock Transfer & Trust Company and the Initial Stockholders.                                                                                                                           |  | By Reference    |  | S-1/A  |  | April 28, 2011   
|      |  |                                                                                                                                                                                                                                                     |  |                 |  |        |  |                  
|10.25 |  | Form of Registration Rights Agreement among the Registrant and the Initial Stockholders and EarlyBirdCapital, Inc.                                                                                                                                  |  | By Reference    |  | S-1/A  |  | April 28, 2011   
|      |  |                                                                                                                                                                                                                                                     |  |                 |  |        |  |                  
|10.26 |  | Form of Subscription Agreements among the Registrant, Graubard Miller and the Purchasers of Insider Warrants and EBC Warrants.                                                                                                                      |  | By Reference    |  | S-1/A  |  | April 28, 2011   
|      |  |                                                                                                                                                                                                                                                     |  |                 |  |        |  |                  
|10.27 |  | Form of Warrant Consent and Support Agreement.                                                                                                                                                                                                      |  | By Reference    |  | 8-K    |  | December 11, 2012
|      |  |                                                                                                                                                                                                                                                     |  |                 |  |        |  |                  
|10.28 |  | Master Contract for Seismic Acquisition Services in Western Canada dated as of April 14, 2013, by and between Talisman Sasol Montney Partnership and SAExploration (Canada) Ltd.                                                                    |  | Herewith(**)    |  |        |  |                  
|      |  |                                                                                                                                                                                                                                                     |  |                 |  |        |  |                  
|10.29 |  | Contract No. 5500003014 for the Provision of Recording Service of 500 KM2 of 3D Seismic Survey at North Quifa dated June 20, 2013, between Meta Petroleum Corp. (a subsidiary of Pacific Rubiales Energy) and SAExploration Inc. Sucursal Colombia. |  | Herewith(**)    |  |        |  |                  
|      |  |                                                                                                                                                                                                                                                     |  |                 |  |        |  |                  
|14.1  |  | Code of Ethics.                                                                                                                                                                                                                                     |  | By Reference    |  | S-1/A  |  | April 28, 2011   
|      |  |                                                                                                                                                                                                                                                     |  |                 |  |        |  |                  
|21.1  |  | List of subsidiaries.                                                                                                                                                                                                                               |  | By Reference    |  | 10-K   |  | April 3, 2014    
|      |  |                                                                                                                                                                                                                                                     |  |                 |  |        |  |                  
|23.1  |  | Consent of Grant Thornton LLP.                                                                                                                                                                                                                      |  | By Reference    |  | 10-K/A |  | April 14, 2014   



11







|31.1    |  | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  | Herewith          |  |        |  |               
|------- |  | --------------------------------------------------------------------------------------------------- |  | ----------------- |  | ------ |  | --------------
|        |  |                                                                                                     |  |                   |  |        |  |               
|31.2    |  | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |  | Herewith          |  |        |  |               
|        |  |                                                                                                     |  |                   |  |        |  |               
|32.1    |  | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  | By Reference      |  | 10-K/A |  | April 14, 2014
|        |  |                                                                                                     |  |                   |  |        |  |               
|32.2    |  | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |  | By Reference      |  | 10-K/A |  | April 14, 2014
|        |  |                                                                                                     |  |                   |  |        |  |               
|101.IN  |  | XBRL Instance Document.                                                                             |  | By Reference(***) |  | 10-K   |  | April 3, 2014 
|        |  |                                                                                                     |  |                   |  |        |  |               
|101.SCH |  | XBRL Taxonomy Extension Scheme Document.                                                            |  | By Reference(***) |  | 10-K   |  | April 3, 2014 
|        |  |                                                                                                     |  |                   |  |        |  |               
|101.CAL |  | XBRL Taxonomy Calculation Linkbase Document.                                                        |  | By Reference(***) |  | 10-K   |  | April 3, 2014 
|        |  |                                                                                                     |  |                   |  |        |  |               
|101.DEF |  | XBRL Taxonomy Extension Definition Document.                                                        |  | By Reference(***) |  | 10-K   |  | April 3, 2014 
|        |  |                                                                                                     |  |                   |  |        |  |               
|101.LAB |  | XBRL Taxonomy Label Linkbase Document.                                                              |  | By Reference(***) |  | 10-K   |  | April 3, 2014 
|        |  |                                                                                                     |  |                   |  |        |  |               
|101.PRE |  | XBRL Taxonomy Presentation Linkbase Document.                                                       |  | By Reference(***) |  | 10-K   |  | April 3, 2014 










| | (*) | Denotes compensation arrangement.
| | --- | ---------------------------------



| | (**) | Portions of this exhibit have been omitted and filed separately with the Commission as part of an application for confidential
treatment pursuant to the Securities Exchange Act of 1934, as amended.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (***) | Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files attached as Exhibit 101 hereto are deemed not filed or
part of a registration statement or prospectus for purposes of Section 11 or Section 12 of the Securities Act of 1933, as amended,
and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject
to liability under those sections.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



12