Getech scores its largest ever contract

8th Sep 2014 08:56

AIM-listed Getech has landed its largest ever single new contract, worth $5m.The geosciences business said the new services contract, which was awarded by the Angolan National Oil Company, would be carried out by its commissions division.Getech said the majority of the income from the project will be recognised in the current financial year."This is an excellent start to the year and gives confidence that the company will meet the current year market forecasts," the firm said.It explained that aim of the project, which is due to begin straight away, is to generate structural and related interpretations for the geological basins of Angola.Chief executive, Raymond Wolfson, said: "This is an excellent example of how the Globe framework provides a robust starting point for projects, contributing immediate value to work at a wide range of scales. It is also exactly the type of project that fits the skill base we have built."We have already indicated that we see consultancy and proprietary projects as a growth area and in 2013 set up the commissions division to manage and build this business stream. This new contract is an illustration of our future ambitions."