StockNews.AI
RCON
StockNews.AI
14 days

Recon Awarded Mega $5.85 Million Contract to Provide Upgrades Service for Large Mid-Asia Gas Field

1. RCON awarded $5.85 million contracts for gas field automation upgrades. 2. Contracts expected completion within the next calendar year. 3. CEO highlights this as a milestone for international expansion. 4. RCON demonstrates strong technical capabilities and customer relationships. 5. Securing these contracts enhances RCON's market position.

7m saved
Insight
Article

FAQ

Why Bullish?

The awarded contracts signal revenue growth potential, akin to past successful contracts that drove stock prices. Historical trends show share price increases following new contract announcements.

How important is it?

The article signifies significant new contracts, directly affecting RCON's financial performance and investor sentiment. The announcement aids in reinforcing RCON's credibility and growth trajectory.

Why Short Term?

Anticipation of revenue recognition from contracts will likely impact stock performance soon. Comparable contract awards in the past have shown immediate positive market reactions.

Related Companies

SNPCNPCHAL
, /PRNewswire/ -- Recon Technology Ltd. ("Recon" or "the Company"), a China-based provider of oilfield and low-carbon energy services, announced today that one of its domestic affiliated entities has been awarded major contracts to upgrade and retrofit related automation systems for some large Asian gas field. These contracts are valued at approximately $5.85 million, and the services provided by the entity in these contracts are expected to be completed within the next calendar year. These maintenance services are intended to ensure the capacity supply of the gas field, which has been completed and is operational. "Despite the tough competition, we are honored to have won these contracts", said Mr. Shenping Yin, CEO of Recon, "This is another significant contract for us, following the automation service and maintenance contract we secured outside China in 2012. It is also an important milestone in our expansion into the international market. This project demonstrates Recon's technical capabilities and strong customer relationships in the oilfield automation market." About Recon Technology, Ltd ("RCON") Recon Technology, Ltd (NASDAQ: RCON) is the People's Republic of China's first NASDAQ-listed non-state-owned oil and gas field service company. Recon supplies China's largest oil exploration companies, Sinopec and The China National Petroleum Corporation ("CNPC"), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions within several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: http://www.recon.cn/. Forward-Looking Statements Recon includes "forward-looking statements" within the meaning of the federal securities laws throughout this press release. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as "scheduled," "may," "will," "could," "should," "would," "expect," "believe," "anticipate," "project," "plan," "estimate," "forecast," "goal," "objective," "committed," "intend," "continue," or "will likely result," and similar expressions that concern Recon's strategy, plans, intentions or beliefs about future occurrences or results. Forward-looking statements are subject to risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those that Recon expected. Many of these statements are derived from Recon's operating budgets and forecasts, which are based on many detailed assumptions that Recon believes are reasonable, or are based on various assumptions about certain plans, activities or events which we expect will or may occur in the future. However, it is very difficult to predict the effect of known factors, and Recon cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed under "Risk Factors" in Recon's most recent Annual Report on Form 20-F and any subsequent half-year financial filings on Form 6-K filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by the cautionary statements that Recon makes from time to time in its SEC filings and public communications. Recon cannot assure the reader that it will realize the results or developments Recon anticipates, or, even if substantially realized, that they will result in the consequences or affect Recon or its operations in the way Recon expects. Forward-looking statements speak only as of the date made. Recon undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, Recon. SOURCE Recon Technology, Ltd WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Related News