4th Aug 2021 11:32
(Alliance News) - Mycelx Technologies Corp on Wednesday said it has secured a new installation contract and a contract extension, both in Saudi Arabia with a combined value of USD2.1 million.
Shares in the company, which provides water and air filtration technology to the oil and gas industry, were up 8.0% to 41.05 pence each in London on Wednesday morning.
The contract extension is to a project where Mycelx's proprietary technology has been installed for 10 years.
The new contract is for an initial term of one year and "is further evidence of the company's position as the provider of leading-edge technology in the markets it serves," the London-based firm said.
"These two contracts are a validation of the recovery taking place within our energy sector market. We are fortunate to have a highly differentiated product offering, underpinned by a reputation for value accretive service to our clients, and helping them achieve their sustainability goals," said Chief Executive Connie Mixon.
By Amrit Sahota; newsroom@alliancenews.com
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