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.
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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
