GETECH Group plc New geospatial services contract (3751Q)

TIDMGTC

RNS Number : 3751Q

GETECH Group plc

28 June 2022

28 June 2022

Getech plc

("Getech" or the "Company")

New geospatial services contract significantly expands order book

Getech, a geoenergy and green hydrogen company, is pleased to report that it has signed a 5-year extension to a multi-faceted geospatial services contract with a customer of its transitional petroleum division. The new contract has a total value of GBP1.65 million.

Services provided by Getech will include the design, implementation and management of geospatial operating systems that are essential for aboveground safety, environmental protection, and security on a large and complex asset.

Adjusting the end-2021 order book position for contracts that have since converted to revenue in H1 2022, this new contract delivers significant growth in the value of Getech's current total order book - adding material recurring revenue over the next five years.

Getech's Chief Executive Officer, Dr Jonathan Copus, commented:

"As the world works to deliver a sustainable and secure path to decarbonisation, it is essential that transitional petroleum activities are conducted to the highest ESG standards. The 5-year extension of this geospatial contract will see Getech continuing to contribute to the safe, efficient, and environmentally responsible delivery of an internationally important piece of energy infrastructure.

Our industry-leading geospatial products and skills help our customers integrate, visualise, and analyse key business data, which they use to improve operational efficiency, derive new insight, and enhance decision making. These benefits are valuable across the energy transition.

In our target growth markets of critical minerals, storage, geothermal, and hydrogen, we are using this expertise to build our sales pipeline and to locate, develop and operate our own portfolio of low carbon assets.

With the investment in natural resource supply diversification a global priority, we consider Getech to be well positioned to deliver transformational growth for our shareholders."

For further information, please contact:

 
 Getech plc                                          Tel: [phone] 
  Dr Jonathan Copus, Chief Executive 
 
 Cenkos Securities plc 
  Neil McDonald / Pete Lynch (Corporate Finance) 
  Michael Johnson / Dale Bellis (Sales)                Tel: [phone] 
 
 
   Camarco                                             Tel: [phone] 
   James Crothers / Toby Strong / Charles Dingwall 
 

Notes to editors:

Getech (AIM: GTC) applies its world-leading geoscience data and unique geospatial software products to accelerate the energy transition by locating, developing and operating geoenergy and green hydrogen projects.

For further information, please visit www.getech.com .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

CNTPPUBUQUPPPUM

(END) Dow Jones Newswires

June 28, 2022 02:00 ET (06:00 GMT)