Rex unit clinches $12.5 million contract with major national oil company

SINGAPORE - Rex International Holding announced on Thursday that Rexonic AG's unit has won a contract with a major national oil company.

The contract is worth about US$10 million (S$12.5 million) and is slated to start at the end of this year.

Rexonic provides technology services to oil production and oil service companies.

The company said that Rexonic will provide its environment-friendly, ultrasonic well stimulation technology to the oil company's selected wells.

The contract's start depends on the arrival of third party technical components, and other things, said Rex.

Rexonic executive chairman Peter Spenger said there will be more details once the contract has started.

Rex executive chairman Dan Broström added: "A first contract with a national oil company is a notable achievement for Rexonic, as the potential for an expansion in the scope of coverage for the well stimulation technology is promising."