SRJ Technologies (ASX:SRJ) has secured an additional follow-on order with EFTECH International SDN BHD for SRJ BoltEx in Malaysia.
The additional order is valued at A$249,000 for further asset integrity product solutions following EFTECH’s successful implementation of SRJ products to its clients. The order increases EFTECH’s stock of SRJ BoltEx for onward rental to its significant client base in Malaysia following a period of increased interest and rental opportunities.
The increased investment in SRJ BoltEx by EFTECH has been driven in part by the recent approval of SRJ BoltEx in the IG@P innovation technology system introduced by Petronas, a global Malaysian oil and gas company with a presence in over 100 countries.
The BoltEx was subject to rigorous testing and assessment by Petronas prior to being endorsed and included in their ‘IG@P Technology Catalog’. The IG@P system was created to facilitate collaboration in the areas of technology and innovation for adoption and application, as well as accelerating pace in the deployment and replication of technology in Petronas. Inclusion results in immediate acceptance for use by all Petronas owned assets in Malaysia.
This second purchase by EFTECH follows the signing of a licence agreement and initial orders secured in May 2023.
This achievement reinforces the strength of SRJ’s partnership with EFTECH, with the successful execution of the licence agreement laying the foundation for a mutually beneficial collaboration between SRJ and EFTECH.
This recent development also marks another step towards achieving SRJ’s strategic objectives and reinforces the Company’s commitment to delivering exceptional products and services to the oil and gas industry, as a trusted provider in the market.
The product order is subject to SRJ’s standard terms and conditions with upfront settlement prior to release of products. This is a purchase order for product that when rented out to EFTECH’s clients will result in 10% of the revenue generated being passed to SRJ.
“The follow-on order from EFTECH is testament to the value we bring to our partners and the confidence they have in our solutions,” Chief Executive Officer Alexander Wood said.
“The approval by Petronas reaffirms the effectiveness of our approach and the strength of our offerings in meeting the evolving needs of our customers and the wider energy industry.
“We are excited about the opportunities that lie ahead and look forward to further strengthening our relationship with EFTECH and other partners in the near term.
Through collaboration, we continue to push the boundaries of what is possible and create value for all stakeholders.”
