Getech Sees Upturn in Exploration Services Market
UK geoscience business Getech said Wednesday that it has seen a strong end to its financial year after witnessing lower spending across the whole of the oil and gas exploration sector earlier in the period.
The company, reporting a trading update for the year to July 31, said that it in recent weeks it has signed several new contracts – with an aggregate value of more than $5 million – for its Globe palaeogeographic platform as well as data services and study work. It added that its gravity and magnetic data "continue to provide a major source of income", with US gravity data being particularly strong due to ongoing growth in spending on onshore unconventional gas and oil.
Getech Chief Executive Raymond Wolfson commented in a company statement:
"The tight exploration market during the period since early 2013 made trading for many exploration service companies very difficult. While we were similarly affected, we have seen a significant upturn in recent weeks and consider that, under the challenging business environment, we have delivered a strong set of results."
Getech said that it now expects to report revenue for the year to July 31 of $11.1 million (GBP 6.6 million) with a pre-tax profit of $1.7 million (GBP 1 million).