SRJ Technologies has extended its consulting contract with SBM Offshore through to the end of FY25, securing additional revenue and reinforcing its role in FPSO asset integrity solutions.
- Contract extension valued at £160k (A$333k) with SBM Offshore
- Total secured revenue for FY25 rises to £218k (A$454k)
- Consulting services focus on asset integrity systems for FPSO vessels
- Contract billed on time-spent basis under standard terms
- SRJ emphasizes digital innovation and operational excellence in FPSO safety
Contract Extension Secures Revenue and Partnership
SRJ Technologies Group Plc (ASX: SRJ) has announced a contract extension with SBM Offshore, valued at £160,000 (approximately A$333,000), which will run through to the end of the 2025 financial year. This extension builds on the original contract awarded in FY24, increasing the total secured revenue for FY25 to £218,000 (A$454,000), inclusive of remaining revenue from the initial agreement.
The contract involves the provision of consulting services to support the development of an asset integrity system for both new and existing Floating Production Storage and Offloading (FPSO) vessels. SRJ’s consultants have worked closely with SBM Offshore teams to deliver solutions aimed at enhancing the safety, sustainability, and operational performance of FPSO assets.
Strategic Importance of Asset Integrity in FPSO Operations
FPSO vessels are critical infrastructure in the offshore energy sector, and maintaining their integrity is paramount to safe and efficient operations. SRJ’s role in developing digital asset integrity solutions aligns with industry demands for innovative approaches to managing ageing assets and complex operational environments.
Roger Smith, SRJ’s Director for the Middle East and Europe, highlighted the partnership’s forward-thinking approach, emphasizing the company’s commitment to delivering industry-leading digital innovation and operational excellence. The contract extension reflects the strong synergy between SRJ and SBM Offshore, underscoring the value of their collaboration in advancing FPSO safety and sustainability.
Revenue Model and Market Positioning
The consulting services under this contract are billed on a time-spent basis, invoiced monthly under SRJ’s standard terms and conditions. While the contract value is modest, it provides a steady revenue stream and reinforces SRJ’s positioning within the maritime asset integrity market.
SRJ’s broader portfolio includes advanced remote inspection services using robotics and UAV technologies, alongside comprehensive consulting expertise covering the entire asset integrity management value chain. These capabilities have earned industry approval and accreditation, supporting SRJ’s growth potential in the energy sector.
Looking Ahead
This contract extension not only secures near-term revenue but also signals SRJ’s ongoing commitment to innovation in FPSO asset integrity. As the offshore energy sector continues to prioritize safety and sustainability, SRJ’s digital solutions may become increasingly integral to operators managing complex and ageing assets worldwide.
Bottom Line?
SRJ’s contract extension with SBM Offshore cements its foothold in FPSO asset integrity, setting the stage for further growth in digital maritime solutions.
Questions in the middle?
- Will SRJ expand its contract scope or client base within the FPSO sector?
- How will SRJ’s digital solutions evolve to address emerging regulatory and operational challenges?
- What impact will the time-spent billing model have on SRJ’s revenue predictability and margins?