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Wavefront Technology Signs 3-Year Agreement With Kuwaiti Distributor
December 6, 2017
Alberta-based Wavefront Technology Solutions Inc., an international supplier of fluid injection technology for oil and gas well stimulation and Improved/Enhanced Oil Recovery, has signed a 3 year Powerwave distribution agreement with Gulf Drilling and Maintenance CO of Kuwait.
Edmonton, Alberta (GLOBE NEWSWIRE) --
Wavefront and GDMC continue to deliver excellent operating results in both near wellbore stimulation (≤ 6”) as well as deeper formation stimulation (≥24”) through Wavefront’s Powerwave Odyssey Custom Stimulation (“POCS”) methodology. The success of Wavefront’s POCS has allowed GDMC to increase its market share of well stimulation activities over other local and international coil tubing service companies. Wavefront and GDMC have worked diligently together to build the Powerwave brand in Kuwait and have recently executed a distribution agreement (the “Agreement”) that will provide GDMC with exclusive rights to all Powerwave related technologies in Kuwait. Under the terms of the Agreement, GDMC will pay Wavefront a minimum yearly aggregate amount of US $ 1 Million for the exclusive rights to Powerwave in Kuwait. Payments will be made to Wavefront to coincide with the Company’s fiscal quarters. Wavefront will continue to provide marketing and technical support, and will dedicate one engineer for POCS modeling and programming activities.
“We are very pleased to be working with Gulf Drilling and Maintenance CO., which is locally recognised for its industry-leading capabilities and ability to deliver both quality and innovation to its customers,” said Wavefront President and CEO Brett Davidson. “This Agreement represents a culmination of a lengthy process of developing personal relationships and gaining the confidence of all stakeholders in Kuwait for Wavefront’s capabilities and for Powerwave, which is steadily receiving greater recognition in the oil and gas industry.”
“The exclusivity Agreement with GDMC represents a concurrence of the strategy established by the Board and Management to reset Wavefront’s course given oil industry volatility; moving to a strong and concentrated emphasis on Powerwave single well stimulations focused on Middle East national oil companies,” said Wavefront Board Chair Steve Percy.
“The exclusive distribution rights to Powerwave fits with our corporate mission of delivering ground-breaking technologies and outstanding service that benefits our customers,” said GDMC Operations Manager Mohammad Ali Al-Shatti. “We strongly believe in Wavefront’s leadership and technology, and, coupled with our expertise and market presence, we will be able to accelerate growth of the Powerwave product line in Kuwait.”
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