Kuwait Energy signs $100 mln swap deal with Vitol

Wavefront new distribution agreement in Kuwait

Sep 13, 2020
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Wavefront Technology Solutions has renegotiated and entered into a new two-year, exclusive distribution agreement in Kuwait with Gulf Drilling and Maintenance (GDMC).

Under the terms of the deal, GDMC will pay Wavefront a minimum yearly aggregate amount of US$900,000, paid monthly, in arrears for the exclusive rights to the Company’s suite of well stimulation technologies for use in the State of Kuwait including the Al Khafji Joint Operations region.

Revenues will be recognised proportionately over the annual exclusivity period. Wavefront will continue to provide marketing and technical support.

“We are very pleased to continue working with GDMC, a well-established Kuwaiti oil field services provider,” said Wavefront President and CEO Brett Davidson. “Powerwave has a strong and recognisable brand name with engineers of the National Oil Company (NOC) and we look forward to building on GDMC’s and Wavefront’s reputation for delivering outstanding results.”