Getech, an oil services business specialising in the provision of exploration data and geological exploration studies, has signed two major new contracts, each of which includes a commitment to sponsor the firm's newly formed, fully integrated new ventures platform, known as 'Globe'.

Together the contracts are worth $2.75m, with half this value expected to be delivered in the current financial year and the rest over the two succeeding years.

The first contract is with a 'major player' in the industry which is looking to expand globally and will include a range of Getech products, which include the core elements of the initial three-year Globe project, additional products which derive from Globe, and additional Globe products for delivery in 2013 and 2014.

The second agreement is with one of the supermajor oil companies and so far comprises a commitment to sponsorship of the core Globe products.

Getech's Chief Executive, Raymond Wolfson, said: "These two new contracts are very substantial, being equivalent in terms of the contribution to Getech of more than 30% of the entire revenue reported in 2011/12, and they will contribute strongly to our forward visibility of income.

"Importantly they also indicate that Globe as a whole is relevant to a wide range of companies with global aspirations. We regard this as a very positive confirmation that the market for Globe and its related products will be substantial."

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