Getech in oil company deal
OIL services business Getech has secured a near $1m sale of data to a major oil company.
The Leeds-based business specialises in the provision of exploration data and geological exploration studies to oil companies.
The latest sale from its global data library is for a substantial part of its global magnetic dataset, with a price of $962,000.
The dataset has been built up over a period of many years and is used by clients to help them identify target areas for their exploration activities by helping them to understand the structure of the earth’s subsurface.
Getech’s chief executive, Raymond Wolfson, commented: “Data sales continue to be both profitable and a strong cash generator for us. This sale is particularly pleasing as it was made to a major independent oil company with global objectives. This client not only bought our global gravity data a number of years ago, but was also the first to sponsor our Globe platform.”
The Leeds-based business, which was a spin out from the University of Leeds, revealed earlier this year that half-year profits had risen by 290% as sales for its products were driven by continued high oil prices.
