Major new contracts signed

RNS Number : 7011P

GETECH Group plc

29 October 2012

 



Getech Group plc

("Getech" or the "Company")

Major new contracts signed with aggregate value $2.75m

Getech, the oil services business specialising in the provision of exploration data and geological exploration studies, announces the signature of two major new contracts with an aggregate value of $2.75m. The Company has extended and developed the scope of the Global Programmes to form a fully integrated New Ventures platform called "Globe", and each of these new contracts includes a commitment to Globe sponsorship.

The first of these new contracts is with a major regional player in the oil and gas industry which is seeking to expand globally. This contract includes a range of Getech products: the core elements of the initial three-year Globe project; additional products which derive from Globe; a number of existing regional reports which can be delivered immediately; and additional Globe products for delivery in 2013 and 2014.

The second of these new contracts is with one of the supermajor oil companies and at this stage comprises a commitment to sponsorship of the core Globe products.

It is expected that approximately half the value of these two contracts will be delivered in the current financial year, with the rest over the two succeeding years. These new contracts bring the total number of core sponsors of Globe to nine and the sponsor group now includes supermajor, major, national and independent companies.

Getech's Chief Executive, Raymond Wolfson, commented, "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".

Enquiries

GETECH Group plc Raymond Wolfson, Chief Executive	Tel:  [phone]
WH Ireland Limited Katy Mitchell	Tel:  [phone]
Walbrook PR Helen Westaway	Tel:  [phone] Mob: [phone] [e-mail]

 

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