Rex unit secures deal from national oil firm
Fruition of Rexonic’s commercialisation plans, says Rex chairman
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Fruition of Rexonic’s commercialisation plans, says Rex chairman
Andrea Soh
03 October 2014
Calalist-listed Rex International Holdings says its Switzerland-based unit Rexonic AG has secured its first ground-breaking contract with a national oil company (NOC).
The deal which Rexonic clinched through a wholly owned unit is worth about US$10 million if fully executed over the next 24 months, said Rex International. The contract is expected to contribute to the group’s earnings for the current financial year.
Rexonic AG, in which Rex International has a 66.7 per cent stake, will provide its ultrasonic well stimulation technology on certain wells owned by the client, which is said to be a “reputed and large” NOC. The name has been withheld at the request of the client, said Rex International. The contract is expected to start at the end of this year, with the exact timing dependent on, among other things, the arrival of third-party technical components, said Rex International.
“We are heartened to see the fruition of Rexonic’s commercialisation plans, following months of hard work by the management team,” said Rex’s executive chairman Dan Brostrom. “A first contract with an NOC is a notable achievement for Rexonic, as the potential for an expansion in the scope of coverage for the well stimulation technology is promising.” There are synergies with Rexonic’s technology such as using Rex Virtual Drilling to prioritise which production well to stimulate first, he added. “We can also tap on each other’s business network to further grow our respective portfolios.”
Rexonic, which provides technology to oil production and oil services companies, was established in October last year in a joint venture between Rex and Swiss firm Ogsonic. It claims to have the world’s first environmentally friendly, high power ultrasound technology for commercial oil well stimulation, which it says can increase onshore and offshore oil production by 30-380 per cent.
Rex’s shares closed half a cent higher at 58.5 Singapore cents on Thursday, before the announcement.