Contract Awards

Synectics PLC

25 November 2024

 

25 November 2024

Synectics plc

("Synectics" or the "Company")

Contract Awards

Synectics secures oil and gas contracts in Qatar and Brazil

Synectics plc (AIM: SNX), a leader in advanced security and surveillance systems, is pleased to announce the award of two contracts, totalling £2.3 million, for oil and gas projects in Qatar and Brazil.

The contract in Qatar, which is worth approximately £1.8 million, will see Synectics supply North Oil Company ("NOC"), which is responsible for 45% of the country's oil production, with its innovative security camera station technology. NOC is preparing to increase production at the offshore Ruya Project, as part of the expansion of the Al-Shaheen field, Qatar's largest oil field.

The COEX camera stations will be supplied in two phases, expected to occur in 2025 and 2026. The camera stations will be deployed for the surveillance of critical locations on the offshore platforms and to monitor operational activities to ensure the safety and security of NOC's employees and assets.

Separately, Synectics has been selected to provide its specialist security and surveillance solutions for a Floating Production Storage and Offloading ("FPSO") vessel in Brazil with a contract value of approximately £0.5 million. The solution provided by Synectics will be integral to the vessel's security operations and overall situational awareness, ensuring compliance with rigorous offshore safety and performance requirements.

Amanda Larnder, Chief Executive Officer and Chief Financial Officer, commented:

"Our track record of technical excellence within the oil and gas sector is further evidenced by securing these two important contract wins.

"This is the third phase of the Al-Shaheen expansion awarded to Synectics, and we are delighted that we continue to be the vendor of choice on this prestigious project. We look forward to working with North Oil Company and continuing to strengthen our long-standing relationship.

"The award of the FPSO vessel represents another key milestone for Synectics in supporting critical offshore operations with innovative and reliable technology tailored to meet the demands of the global energy sector."

For further information, please contact:

Synectics plc Amanda Larnder, Chief Executive Officer and Chief Financial Officer Claire Stewart, Company Secretary email: [e-mail]	Tel: [phone] www.synecticsplc.com
Shore Capital	Tel: [phone]
Corporate Advisory - Tom Griffiths / David Coaten / Rachel Goldstein Corporate Broking - Fiona Conroy
Vigo Consulting   Jeremy Garcia / Fiona Hetherington / Peter Jacob [e-mail]	Tel: [phone]

About Synectics plc

Synectics (AIM: SNX) is a leader in advanced security and surveillance systems that help protect people, property, communities, and assets around the world.

The Company's expertise is in providing solutions for specific markets where security and surveillance are critical to operations. These include gaming, oil and gas, public space, transport, and critical infrastructure.

Synectics has deep industry experience in these markets and works closely with customers to deliver solutions that are tailored to meet their needs. Technical excellence, combined with decades of experience and long-standing customer relationships, provides fundamental differentiation from mainstream suppliers and makes the Company a stand-out in its field.

Find out more at www.synecticsplc.com

 

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