Oil & Gas Contract Win

RNS Reach

21 March 2019

Synectics plc

("Synectics" or the "Group")

Oil & Gas Contract Win

Synectics plc (AIM: SNX), a leader in the design, integration, control and management of advanced surveillance technology and networked security systems, announces that it has secured a contract in the oil & gas sector.

The oil & gas market has been very difficult for the last few years and has been characterised by mostly small-value contracts for necessary additions and expansions to existing sites.

This contract, which is expected to be worth around £1 million during its life, is the largest new oil & gas order received by the Company for a number of years and is due to be delivered substantially in this financial year.

Working through a major European engineering company, Synectics has been awarded the contract to provide linked surveillance systems, based on its proprietary Synergy 3 software platform and COEX camera stations, across multiple new facilities in the Middle East. The operator is investing significantly in new facilities to further ramp up and maintain sustainable oil production for a national oil company.

Paul Webb, Chief Executive of Synectics, commented:

"The award of a project for new oil production facilities supports our expectation of increased activity in this sector into next year and beyond and reflects the strong reputation and market presence we have maintained during recent challenging conditions."

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