Major oil company hires Getech

Oil exploration firm Getech Group said it has won a “significant” multi-year contract with an un-named major national oil company.

The contract is for a three year period, with the oil company having the option to extend for a further two years.

Getech said it has progressed successfully through an extended tender process and the oil firm has confirmed that Getech is one of three companies contracted to provide basin evaluation services.

Raymond Wolfson, chief executive of Getech, 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.”

Analyst Eric Burns at WH Ireland said: “There are no immediate changes to our forecasts this morning although, assuming Getech receives its fair share of work under the agreement, there are clearly upward implications as the year progresses.”