Major Globe Platform Subscription Renewal
Getech Group plc has secured a significant three-year renewal for its Globe platform subscription with a major state-backed Asian offshore oil and gas producer, valued at approximately £520,000. This multi-year extension, which represents a 28% renewal value uplift due to inflationary adjustments and enhanced product capabilities, underscores the continued demand for Getech's subsurface intelligence solutions and strengthens the company's Annual Recurring Revenue. The renewal extends the customer's engagement with the platform to over six years, highlighting the value Getech's digital twin technology provides for resource exploration activities.
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Getech (AIM: GTC), a world-leading locator of subsurface resources, is pleased to announce that it has successfully closed a significant Globe platform subscription renewal with a major state-backed Asian offshore oil and gas producer. The renewal contract has a total value of c. £520k to be recognised over three years.
Globe enhances resource exploration activities by providing a 'digital twin' - or computer model - of Earth's geologic development. Its users leverage this unique model to help locate potential zones for new resource discovery.
Completion of this renewal underscores continued demand for Getech's subsurface intelligence solutions and the value Globe provides to customers' exploration programmes.
Chris Jepps, CEO of Getech, commented:
"We are pleased that a key Globe customer has renewed its subscription for a further three years, extending its engagement with the platform to over six years, reflecting the customer's continued investment in exploration as part of the future global energy mix, and reinforcing the relevance of our products and services to this sector.
The contract adds to our order book and strengthens Annual Recurring Revenue (ARR), with a 28% renewal value uplift reflecting inflationary adjustments and enhanced product capability, in line with our ARR growth strategy."
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