“Two “substantial” contract wins for Getech

Leeds-based Getech, which sells complex geological and geophysical data to oil companies, said it has extended and developed the scope of its Global Programmes interpretative data project to form a New Ventures platform called “Globe”. The Global Programmes project, which will take three years to complete, will explain how the geology and geography of an oil basin changes.

Each of these new contracts includes a commitment to Globe sponsorship.

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 per cent 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.”

Getch said that the first of these new contracts is with a major regional player in the oil and gas industry which is seeking to expand globally. It said that the second is with “one of the supermajor oil companies”.

These new contracts bring the total number of core sponsors of Globe to nine.

It is expected that around half the value of these two contracts will be delivered in the current financial year, with the rest over the two succeeding years.