Wavefront Technology Solutions, an oil field service provider, announced that effective September 1, 2020 it has entered into a non-exclusive distribution agreement in the Kingdom of Saudi Arabia with Synergy International Energy Company (Synergy).
Within Saudi Arabia coiled tubing companies providing well services to the National Oil Company (NOC) are limited in their market access, i.e., no single coiled tubing company has access to all oil and gas fields or wells. Beyond the Company’s control, Wavefront had seen its Powerwave technology product line activity decline under its past exclusive distributor, a coiled tubing company.
In engaging Synergy as Wavefront’s non-exclusive distributor, it is postulated that it will reduce reliance on any one coiled tubing company and increase market penetration of Wavefront’s technology in the Kingdom by accessing all thirteen registered coiled tubing companies providing oil and gas well stimulation services to the NOC across all oil and gas field assets.
“We are very pleased to be working with Synergy who has a solid track record in representing international companies in the Kingdom,” said Wavefront President and CEO Brett Davidson. “Wavefront has generated impressive results with the NOC and in many instances Powerwave is requested as the technology of choice by engineers of the NOC. We are very confident that Powerwave technology will continue to deliver outstanding results to the NOC and we will be able to more fully commercialize Powerwave in the Kingdom and grow the Company’s bottom-line results.”