Leeds’ Getech wins multi-year contract with a National Oil Company

Leeds-based Getech, the geoscience business providing services to the oil, gas and mining exploration sectors, announced today the signing of an additional multi-year contract with a giant National Oil Company, (NOC).

As stated in the contract, which covers a three-year period, the NOC has the option to acquire a two year extension.

The NOC also confirmed that Getech is one of three companies contracted to provide basin evaluation services. Furthermore, the NOC is expected to offer by way of tender to these three companies several basin evaluation packages per year, and that the value of each package will, if won by Getech, significantly affect the Leeds company’s results and therefore be the subject of further announcements.

This contract announcement comes just a week after Getech acquired the entire issued share capital of ERCL Limited, an upstream oil and gas consultancy.

Raymond Wolfson, chief executive of Getech Group plc, said: “We previously announced that the strategy in relation to our Commissions division was to continue to build the regular range of consultancy projects, but also to focus on a number of key clients who, individually, could be material to Getech’s trading. In the second half of 2014 we announced two such contracts and this third contract represents a further success for our stated strategy, in what is currently a very challenging marketplace.

“This NOC has a global exploration remit and specifically requested bidders to provide information about their global databases. We cited our Globe framework and were informed that the workflow approach within Globe was a contributor to our success with the bid, although any sale of Globe would be carried out through a separate process and budget.

“While our historic business was primarily new ventures and early stage exploration, in recent years our strategy has included extending our work further along client workflows to leverage additional value from our skills and products and to increase the range of projects we could deliver. Both our recent acquisition of ERCL and this new contract are key components within this strategy.”