OIL AND GAS NEWS
Wavefront enters rental agreement in Saudi Arabia
Dec 27, 2020 7:55 AM
US-based Wavefront Technology Solutions an oil field service provider has entered into an equipment rental agreement with a multinational oilfield services company for the distribution of Wavefront s Powerwave...
US-based Wavefront Technology Solutions, an oil field service provider, has entered into an equipment rental agreement with a multinational oilfield services company for the distribution of Wavefront’s Powerwave well stimulation technology in Saudi Arabia.
Under the terms of the initial one-year agreement, commencing December 21, 2020, Wavefront will provide certain Powerwave well stimulation technology to the client for distribution to its customers in the Kingdom.
Wavefront revenues, at various Powerwave tool rates, will be recognized over time, when the Powerwave tools are rented to underlying exploration and production (E&P) companies.
“We are very pleased to have entered into the equipment rental agreement with the multinational oilfield services provider for an additional distribution channel in the Kingdom of Saudi Arabia. The Company looks forward to working towards receiving a larger, general services agreement to provide Wavefront technology across the 90 global locations the Client serves,” said Wavefront President and CEO, Brett Davidson.
“We believe that the addition of the Client as a distributor in the Kingdom will augment the efforts of Wavefront and our local agent to build on the Wavefront name brand to further commercialize Powerwave well stimulation technology with the NOC.” – TradeArabia News Service
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