25 May 2012

Santos renewal for Rheochem

08/01/2009 Robert Tyerman

Oil and gas services specialist Rheochem says major Aussie resources group Santos has renewed its contract for another year.

According to London-based Rheochem, Santos – with interests and operations throughout Australia and ranging from Egypt to Papua New Guinea, India and Vietnam – has renewed its contract to supply drilling fluids and related engineering services to its Australian offshore operations until next December. Haydn Gardner, chief executive officer of AIM-quoted Rheochem, argues that this contract, together with the extension of another contract (with New Zealand’s Mighty River Power), ‘gives Rheochem great visibility in forward income for the next year and beyond’.

Shares in Rheochem, which floated on AIM at 16p in 2004, later reached a peak of 26.5p but have been sliding since then. At a grudging 5.25p, they value the company at £11.4 million.

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Sector: Oil Equipment, Services & Distribution

Companies: Lochard Energy

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