Synectics wins two oil and gas contracts

Security and surveillance systems firm Synectics has been awarded two contracts for oil and gas contracts in Qatar and Brazil, totalling £2.3m.

Synectics said on Monday that the contract in Qatar, which was worth approximately £1.8m, will see the group supply North Oil Company with its innovative security camera station technology.

Separately, the AIM-listed group stated it had been selected to provide its specialist security and surveillance solutions for a Floating Production Storage and Offloading vessel in Brazil, with a contract value of approximately £500,000.

Synectics said its solution will be integral to the vessel's security operations and overall situational awareness, ensuring compliance with rigorous offshore safety and performance requirements.

As of 1025 GMT, Synectics shares were up 3.35% at 323.50p.

Reporting by Iain Gilbert at Sharecast.com