It is the biggest contract to date for the Leeds spin-out.
Getech, a geoscience spin-out of Leeds University, has announced a new contract, worth $5m – thereby the largest single contract for the company to date and the value of all its contracts in the past financial year combined. The client is Sonangol, an Angolan government-owned national oil company.
Getech offers geoscience services, particularly focusing on the provision of data through commissions and a series of regional reports. Its target market consists of the oil, gas and mining exploration industries.
The contract is a commission, and will focus on producing a study on the geology of Angola’s basins. Work is expected to begin immediately, and will result in a comprehensive framework for future exploration across the African republic. Getech expects most of the money to reach it within the current financial year.
Getech has been trading on the London Stock Exchange under the symbol Gtc since September 2005 and has a market cap of £17.18m ($27.7m), having added more than £1m ($1.61m) since last month, when it reported its pre-tax earnings and received a “buy” rating by WH Ireland. The financial services company expects the company’s shares to rise by as much as 33.27%.
Raymond Wolfson, chief executive at Getech, said: “This contract represents our largest proprietary project to date. Such contracts are only feasible because we have built a large team of geoscientists, many of whom are specialists in the particular disciplines required and who can integrate their disciplines into our Globe exploration platform. This is an excellent example of how the Globe framework provides a robust starting point for projects, contributing immediate value to work at a wide range of scales. It is also exactly the type of project that fits the skill base we have built. We have already indicated that we see consultancy and proprietary projects as a growth area and in 2013 set up the commissions division to manage and build this business stream. This new contract is an illustration of our future ambitions.”
