Major Contract Win and Notice of Interim Results

RNS Number : 0224Q

Synectics PLC

16 June 2020

 

16 June 2020

Synectics plc

("Synectics" or the "Company")

Major Contract Win in Oil & Gas Sector

and

Notice of Interim Results

Synectics plc (AIM: SNX) , a leader in the design, integration and support of advanced security and surveillance systems, announces the award of a new contract with a value in excess of £1 million to provide surveillance systems for a major offshore oilfield development in the Middle East.

The project - for Saudi Aramco's $6bn development of the Berri offshore oilfield on Saudi Arabia's east coast - will be implemented with Synectics' long-term partner General Dynamics and delivered substantially during the financial year ending 30 November 2020.

This contract will see Synectics' market leading COEX ^TM 3000 TriMode camera stations with thermal imaging technology deliver safety monitoring and surveillance for ten offshore production platforms. Critical to the award were the ability of Synectics' COEX ^TM cameras to meet the specifications required for this demanding application, which includes certified safe operation at ambient temperatures up to 70˚C, Synectics' experience and long-term relationship with its delivery partner, General Dynamics.

COVID-19 Update

Since the Company's last update on 22 May 2020, the Board has continued to monitor the impact of Coronavirus (COVID-19) on Synectics' customers, business and employees. Management continues to review its plan daily, following all relevant government guidelines.

All the Company's operating sites in the UK have carried out formal risk assessments and put in place additional measures, where necessary, to ensure safe operation. Similar exercises have been conducted in overseas operations, with measures adapted as necessary to comply with local government regulations and guidance.

Notice of Interim Results

The Company will announce its unaudited interim results for the six months ended 31 May 2020 on 14 July 2020 and provide a further update at that time.

Paul Webb, Chief Executive of Synectics, commented:

"This is an important contract win for Synectics in what continues to be a difficult market sector.

"General Dynamics is one of our most valued partners, and this contract award reflects Synectics' extensive industry experience as well as our commitment to long-term customer relationships. 

"We value the trust customers place in our people and technology. This has been especially important over the last few months when the expertise and dedication of our teams has been invaluable.  Together we have strived to provide the services and support required by all our customers, while ensuring everyone remains safe."  

For further information, please contact:

Synectics plc	Tel: [phone]
Paul Webb, Chief Executive David Bedford, Finance Director
email: [e-mail]	www.synecticsplc.com
Shore Capital	Tel: [phone]
Tom Griffiths / Henry Willcocks
Media enquiries: Intelligent Conversation	Tel: [phone]
Claire Evans Email: [e-mail]

 

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