Categories Industrials

Ocean Power Technologies stock surges on contract win

Shares of Ocean Power Technologies (NASDAQ: OPTT) skyrocketed over 180% on Wednesday after the ocean energy solutions company announced that it has inked a contract with a leading oil and gas exploration firm.

As part of the contract, the Pennington, New Jersey-based company would undertake a 12-week paid feasibility study on the effect of its services and products in monitoring subsea wells during decommissioning activities.

The stock has declined 37% in the trailing 52 weeks but has gained 89% in the year-to-date period, thanks to the current rally.

The company, which provides power generation devices, services, and related equipment for the extraction of energy from ocean waves, said it would also study other technical issues including customer equipment power demands, as well as power generation during continuous and intermittent operations.

READ: SAEXPLORATION HOLDINGS SOARS 50% ON NEW PROJECTS

CEO George Kirby said, “This study will evaluate the use of our PowerBuoys in monitoring multiple customer wells during oil field decommissioning activities in the very deep and challenging waters of the Gulf of Mexico.  We believe our solutions will reduce the cost of our customer’s operations and will also increase safety and improve operational flexibility by providing an unmanned, autonomous power and communications platform.”

On March 11, the company had reported a wider third-quarter net loss, mainly due to higher upfront spending and material costs on new customer contracts, besides the costs associated with the development of new products.

READ: DRYSHIPS DOCKS AT A PROFIT IN 2018

Revenues were $0.3 million in the three months ended January 31, 2019, which was comprised of the new contracts initiated with Eni S.p.A. and Premier Oil.

 

Listen to on-demand earnings calls and hear how management responds to analysts’ questions

Most Popular

CL Earnings: Key quarterly highlights from Colgate-Palmolive Company’s Q4 2022 financial results

Colgate-Palmolive Company (NYSE: CL) reported fourth quarter 2022 earnings results today. Net sales increased 5% year-over-year to $4.62 billion. Organic sales growth was 8.5%. Net income attributable to Colgate-Palmolive Company was

Key highlights from Chevron Corporation’s (CVX) Q4 2022 earnings results

Chevron Corporation (NYSE: CVX) reported fourth quarter 2022 earnings results today. Total revenues and other income were $56.4 billion compared to $48.1 billion in the year-ago period. Net income attributable

AXP Earnings: All you need to know about American Express’ Q4 2022 earnings results

American Express Company (NYSE: AXP) reported fourth quarter 2022 earnings results. Consolidated total revenues net of interest expense were $14.2 billion, up 17% from a year ago. Net income was

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top