Getech secures major three-year subscription renewal
Getech announced on Thursday that it has secured a major three-year subscription renewal for its Globe platform with a US-based energy super-major, valued at $0.945m.
The AIM-traded company said the deal would see revenue recognised over the contract term.
It said the renewal underscored its role in supporting exploration strategies for leading energy firms.
“Globe enhances resource exploration activities by providing a computer-based model, or 'digital twin', of Earth's geologic development and history,” said chief executive officer Chris Jepps.
“Our customers use this model to help locate potential zones for new resource discovery, and Globe's most recent releases have offered even greater value to its user-base with enhanced data layers and analytical tools.
“We are delighted that a long-standing key customer has renewed its subscription to the Globe platform for another three years, reaffirming the value that our flagship product brings to its business.”
Jepps said the renewal extended the customer’s relationship with Getech as a Globe user to over 14 years, supporting its annual recurring revenue (ARR) and replenishing its order book.
“Furthermore, it highlights how global geopolitical dynamics and energy supply challenges continue to drive investment in oil and gas exploration - a core market for Getech.”
At 1354 BST, shares in Getech were down 6.55% at 1.61p.
Reporting by Josh White for Sharecast.com.