Getech signs two new deals for Globe platform

Getech, an oil services business specialising in the provision of exploration data and geological exploration studies, has signed two major new contracts, each of which includes a commitment to sponsor the firm's newly formed, fully integrated new ventures platform, known as 'Globe'.

Getech, an oil services business specialising in the provision of exploration data and geological exploration studies, has signed two major new contracts, each of which includes a commitment to sponsor the firm's newly formed, fully integrated new ventures platform, known as 'Globe'.

Together the contracts are worth $2.75m, with half this value expected to be delivered in the current financial year and the rest over the two succeeding years.

The first contract is with a 'major player' in the industry which is looking to expand globally and will include a range of Getech products, which include the core elements of the initial three-year Globe project, additional products which derive from Globe, and additional Globe products for delivery in 2013 and 2014.

The second agreement is with one of the supermajor oil companies and so far comprises a commitment to sponsorship of the core Globe products.

Getech's Chief Executive, Raymond Wolfson, said: "These two new contracts are very substantial, being equivalent in terms of the contribution to Getech of more than 30% of the entire revenue reported in 2011/12, and they will contribute strongly to our forward visibility of income.

"Importantly they also indicate that Globe as a whole is relevant to a wide range of companies with global aspirations. We regard this as a very positive confirmation that the market for Globe and its related products will be substantial."

NR

Recommended

Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022
Britain’s most-bought shares w/e 5 August
Stocks and shares

Britain’s most-bought shares w/e 5 August

A look at Britain’s most-bought shares in the week ending 5 August, providing an insight into how investors are thinking and where opportunities may l…
9 Aug 2022
Where to find inflation-resistant stocks
Investment strategy

Where to find inflation-resistant stocks

Terry Smith’s latest update contains some valuable pointers for investors looking to protect against inflation.
8 Aug 2022
A low-risk way to beat inflation
Share tips

A low-risk way to beat inflation

Demand for care-home places is strong and the sector should be able to raise prices ahead of costs, says Max King.
8 Aug 2022

Most Popular

Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Brace yourself for the return of rationing
Economy

Brace yourself for the return of rationing

Russia is turning off the cheap energy. That is already leading to belt-tightening, says Matthew Lynn. Who will suffer most, and which sectors will th…
5 Aug 2022
Fear of missing out – what should investors do now?
Investment strategy

Fear of missing out – what should investors do now?

Markets have rallied from their mid-June lows. But if you missed out, as most investors did, what should you do now? Max King explains.
8 Aug 2022