Recon Awarded Mega $5.85 Million Contract to Provide Upgrades Service for Large Mid-Asia Gas Field
Recon Technology (NASDAQ: RCON), China's first NASDAQ-listed non-state-owned oil and gas field service company, has secured contracts worth $5.85 million to upgrade and retrofit automation systems for a major Asian gas field. The project, scheduled for completion within the next calendar year, involves maintenance services to ensure the gas field's capacity supply.
The company, which provides services to China's largest oil exploration companies Sinopec and CNPC, views this as a significant milestone in its international market expansion, following its previous international contract from 2012. The award demonstrates Recon's technical capabilities and strong relationships in the oilfield automation market.
Recon Technology (NASDAQ: RCON), la prima azienda cinese non statale di servizi per campi petroliferi e del gas quotata al NASDAQ, ha ottenuto contratti per un valore di 5,85 milioni di dollari per l'aggiornamento e la ristrutturazione dei sistemi di automazione di un importante giacimento di gas asiatico. Il progetto, che si prevede sarà completato entro il prossimo anno solare, include servizi di manutenzione per garantire la capacità di approvvigionamento del giacimento.
L'azienda, che fornisce servizi ai maggiori operatori cinesi di esplorazione petrolifera Sinopec e CNPC, considera questo traguardo un passo importante nella sua espansione sui mercati internazionali, dopo il suo precedente contratto estero del 2012. L'assegnazione conferma le capacità tecniche di Recon e i solidi rapporti nel mercato dell'automazione per i campi petroliferi.
Recon Technology (NASDAQ: RCON), la primera empresa china no estatal de servicios para campos de petróleo y gas que cotiza en NASDAQ, ha asegurado contratos por un valor de 5,85 millones de dólares para actualizar y reacondicionar sistemas de automatización en un importante yacimiento de gas asiático. El proyecto, que se espera completar durante el próximo año calendario, incluye servicios de mantenimiento para garantizar la capacidad de suministro del yacimiento.
La compañía, que presta servicios a las mayores empresas chinas de exploración petrolera Sinopec y CNPC, considera este logro un hito significativo en su expansión internacional, tras su contrato internacional previo en 2012. La adjudicación demuestra las capacidades técnicas de Recon y sus fuertes relaciones en el mercado de automatización de campos petrolíferos.
Recon Technology (NASDAQ: RCON)는 중국 최초의 NASDAQ 상장 비국영 석유 및 가스 현장 서비스 회사로, 주요 아시아 가스전의 자동화 시스템 업그레이드 및 개조를 위해 585만 달러 규모의 계약을 체결했습니다. 이 프로젝트는 내년 내에 완료될 예정이며, 가스전의 공급 능력을 보장하기 위한 유지보수 서비스를 포함합니다.
이 회사는 중국 최대 석유 탐사 기업인 Sinopec과 CNPC에 서비스를 제공하며, 2012년 이전 국제 계약에 이어 이번 계약을 국제 시장 확장의 중요한 이정표로 보고 있습니다. 이번 수주는 Recon의 기술력과 석유 현장 자동화 시장에서의 강력한 관계를 입증합니다.
Recon Technology (NASDAQ : RCON), la première entreprise chinoise privée de services pour les champs pétroliers et gaziers cotée au NASDAQ, a obtenu des contrats d'une valeur de 5,85 millions de dollars pour moderniser et rénover les systèmes d'automatisation d'un important champ gazier asiatique. Le projet, dont l'achèvement est prévu au cours de l'année civile prochaine, comprend des services de maintenance afin d'assurer la capacité d'approvisionnement du champ.
L'entreprise, qui fournit des services aux plus grandes compagnies chinoises d'exploration pétrolière Sinopec et CNPC, considère cette réussite comme une étape importante dans son expansion sur les marchés internationaux, après son précédent contrat international en 2012. Cette attribution témoigne des compétences techniques de Recon et de ses solides relations sur le marché de l'automatisation des champs pétroliers.
Recon Technology (NASDAQ: RCON), Chinas erstes nicht-staatliches Öl- und Gasfeld-Dienstleistungsunternehmen, das an der NASDAQ gelistet ist, hat Verträge im Wert von 5,85 Millionen US-Dollar zur Aufrüstung und Nachrüstung von Automatisierungssystemen für ein bedeutendes asiatisches Gasfeld gesichert. Das Projekt, das innerhalb des nächsten Kalenderjahres abgeschlossen werden soll, umfasst Wartungsleistungen zur Sicherstellung der Kapazitätsversorgung des Gasfeldes.
Das Unternehmen, das Dienstleistungen für Chinas größte Erdölexplorationsunternehmen Sinopec und CNPC anbietet, sieht dies als einen wichtigen Meilenstein bei seiner internationalen Marktexpansion, nach dem vorherigen internationalen Vertrag aus dem Jahr 2012. Der Auftrag zeigt die technischen Fähigkeiten von Recon und die starken Beziehungen im Markt für Öl- und Gasfeldautomatisierung.
- Secured significant contract worth $5.85 million
- Expansion into international markets beyond China
- Project completion expected within one year
- Demonstrates technical capabilities in oilfield automation
- Contract value relatively modest compared to industry standards
- High competition in the sector mentioned by CEO
Insights
Recon's $5.85M contract win demonstrates international expansion capability but represents modest financial impact for an oilfield services provider.
The
For perspective, this
Strategically, this marks Recon's continued efforts to expand beyond its core Chinese market, where it primarily serves state-owned giants Sinopec and CNPC. The CEO references a 2012 international contract, indicating international expansion has been slow-moving over more than a decade. The competitive win does validate Recon's technical capabilities in automation systems for gas fields.
The announcement specifically mentions the targeted gas field is already completed and operational, meaning this contract focuses on maintenance and upgrades rather than new construction, suggesting it falls into Recon's established service capabilities rather than representing expansion into new technical areas. This appears to be about ensuring continued capacity of existing infrastructure, indicating the recurring service aspect of Recon's business model beyond initial deployments.
"Despite the tough competition, we are honored to have won these contracts", said Mr. Shenping Yin, CEO of Recon, "This is another significant contract for us, following the automation service and maintenance contract we secured outside
About Recon Technology, Ltd ("RCON")
Recon Technology, Ltd (NASDAQ: RCON) is
Forward-Looking Statements
Recon includes "forward-looking statements" within the meaning of the federal securities laws throughout this press release. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as "scheduled," "may," "will," "could," "should," "would," "expect," "believe," "anticipate," "project," "plan," "estimate," "forecast," "goal," "objective," "committed," "intend," "continue," or "will likely result," and similar expressions that concern Recon's strategy, plans, intentions or beliefs about future occurrences or results. Forward-looking statements are subject to risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those that Recon expected. Many of these statements are derived from Recon's operating budgets and forecasts, which are based on many detailed assumptions that Recon believes are reasonable, or are based on various assumptions about certain plans, activities or events which we expect will or may occur in the future. However, it is very difficult to predict the effect of known factors, and Recon cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed under "Risk Factors" in Recon's most recent Annual Report on Form 20-F and any subsequent half-year financial filings on Form 6-K filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by the cautionary statements that Recon makes from time to time in its SEC filings and public communications. Recon cannot assure the reader that it will realize the results or developments Recon anticipates, or, even if substantially realized, that they will result in the consequences or affect Recon or its operations in the way Recon expects. Forward-looking statements speak only as of the date made. Recon undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, Recon.
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SOURCE Recon Technology, Ltd
FAQ
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