13th Dec 2016 10:04
LONDON (Alliance News) - Oil services company GETECH Group PLC said Tuesday it was "cautiously encouraged" by the mood in its core exploration market, though it said it had "no intention" of sitting back and waiting for a rebound.
At its annual general meeting on Tuesday, GETECH said that, since reporting its annual results last month, it has secured several "strategically important" new contracts and said it continued to focus on profitability and diversified growth.
The group said it has made a new sale of Globe phase-two to an unnamed super-major and has been contracted by the UK Oil & Gas Authority to develop and implement a Geographic Information Systems information and management strategy.
In addition, having won its first contract within the nuclear industry in its previous financial year, GETECH said it is currently at an advanced stage of talks to expand on this network.
GETECH said the outlook for its core exploration market remains uncertain, but said recent feedback from customers had left it "cautiously encouraged".
"The market remains challenging, and we continue to have to make difficult decisions to ensure the robustness of the business," said Chairman Stuart Paton.
"However, with new leadership, diversification into new areas, and a stronger oil price, I am confident in the future growth of Getech. Central to achieving this is cultural change, and at the heart of this lies the continued integration of activities across our project teams and offices," Paton added.
Shares in GETECH were up 9.1% at 34.90 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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