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Summary
- Getech has secured a multi-year licence agreement with a national energy company for its product -- Globe
- The agreement is expected to add £563,000 to Getech's current orderbook
- The Group is seeking new avenues to diversify into mining, geothermal and hydrogen opportunities.
UK’s leading provider of crucial data to the oil & petroleum companies Getech Group Plc (LON:GTC) has successfully bagged a multi-year licence agreement with a national energy giant for providing its proprietary product, Globe.
The agreement is expected to add £563,000 to Getech's current orderbook post one year of Globe usage by the customer after the customer will use it for a year. In addition, Getech Group has provided customers with an additional option that allows them to enhance and extend the use of Globe by purchasing other Getech data modules.
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Getech Group creates products by understanding the business requirements and aligning its offerings with the client’s objective. This attribute of the company drove the new energy customer to make a multi-year commitment with the Getech Group.
Getech Group intends to strengthen its core offering -- Globe -- and promote its application across a wide array of sectors including geothermal and mining. Moreover, the company would invest in developing more tools that can help in enhancing the features of Globe in 2021.
Getech helps its clients by providing them with its subsurface skills, geospatial design, implementation capabilities along with deeper insights to the petroleum and mining industries that help them in their exploration activities.
Moreover, Getech has carved out a niche for itself and has created a strong foothold in the global energy market. Apart from strengthening its existing portfolio and well-established assets, the company is seeking commercial opportunities in the renewable energy sector to accelerate the global transition towards a lesser carbon future.
Last year in September, Getech released the latest version -- Globe 2020. Globe records genetic conditions on the Earth’s surface and maintains a comprehensive geoscience knowledge repository. The exploration geoscientists seeking petroleum reserves use Globe to study the factors that contribute to the formation of hydrocarbons and their preservation in both frontier and mature basins.
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The company has a knack of delivering its projects in time. This can be also inferred from its replenished orderbook, which stood at £2.9 million during the first half of 2020. In H2 2019, it was at £3.1 million. During the first half of 2020, the profitability of the company was re-established as EBITDA profit stood at £0.1 million during H1 2020 (H1 2019: £0.1 million loss). The group is seeking new avenues to diversify into mining, geothermal and hydrogen opportunities.
