- SRJ Technologies Group (SRJ) shares are in the green today after the company received its first purchase order from global offshore floating platform supplier MODEC
- MODEC is the world’s largest floating production storage and offloading unit fleet owner and operator
- This is the first order from MODEC and falls under under a service agreement signed in December
- On the market this morning, SRJ is up 25 per cent and trading at 35 cents per share
SRJ Technologies Group (SRJ) shares are in the green today after the company received its first purchase order from global offshore floating platform supplier MODEC.
MODEC is the world’s largest floating production storage and offloading (FSPO) unit fleet owner and operator in the world. It has 18 vessels in operation and a further four currently under construction.
The company is headquartered in Toyko but has operations around the world in locations like Australia, Brazil, Ivory Coast, Singapore, the U.S. and Vietnam.
In December, SRJ signed a service agreement with MODEC for the provision of SRJ products and services to its floating platform.
This purchase order follows several months of engagement between the companies.
SRJ CEO Alexander Wood says this first purchase order is an important milestone that validates SRJ as a MODEC supplier.
“We are excited to reach this milestone after completing a rigorous qualification process with MODEC and now look forward to working with such a large and globally significant FSPO owner and operator,” he said.
On the market this morning, SRJ is up 25 per cent and trading at 35 cents per share at 11:05 am AEDT.