Addvalue in tie-up to offer new app targeting 500 fishing vessels

SINGAPORE - Mainboard-listed Addvalue Technologies said on Thursday (Oct 5) it has signed an agreement with a partner to offer its maritime product and data solutions bundle to deep-sea fishing vessels.

Deep-sea fishing vessels are normally out at sea for an extended period of time and reliable and affordable communication is critical to improve their operational efficiency, crew welfare and safety, said Addvalue. But voice or data calls at sea come at a high cost, it added.

Under the agreement, Addvalue and the unnamed partner will commence a two-month market trial from November 2017 followed by a commercial rollout.

The market trial will involve a "system test" of a new application that will prevent bill shock and at the same time provide chatting service for voice or text messages at "very affordable rates", said Addvalue.

Addvalue and its partner aim to capture a market size of at least 500 vessels.

Dr Colin Chan, chairman and CEO of Addvalue, said the successful execution of this partnership will not only contribute to hardware sales but could generate a monthly recurring revenue of about US$200,000.