MyCelx wins contract extension with SABIC
MyCelx Technologies Corporation (REG S)
65.00p
16:54 13/03/20
Oil and gas sector clean water technology company MyCelx Technologies announced the extension of a purchase order from the Saudi Basic Industries Corporation (SABIC) on Monday.
The AIM-traded firm said the contract extension was for a leased water treatment system in the Middle East, with a value of $1.8m (£1.45m).
It added that it was continuing to pursue advanced opportunities in the Middle East, and to that end had agreed to run a trial at another SABIC affiliate which, if successful, had the potential to generate further incremental revenues for the company this year.
“Despite the challenging macro backdrop, we are very pleased to have been awarded this contract extension with SABIC,” said chief executive officer Connie Mixon.
“Such an extension demonstrates the value that our robust systems offer our clients in terms of performance optimisation and cost efficiency.
“We are also pleased to be running a trial for another SABIC affiliate which we hope will further expand our footprint in the Kingdom of Saudi Arabia.”
Mixon said both developments demonstrated the uptick in activity that the firm was starting to see in the Middle East - one of its core regional markets.
“As a business, we remain busy operationally and continue to actively engage with our customers and vendors around currently active projects.
“We firmly believe that our focus on converting upcoming bidding opportunities will reap rewards in the near to medium term.”
At 1009 BST, shares in MyCelx Technologies were down 3.23% at 45p.