- Pipeline security contract to the value of $2.75 million announced today.
- Latest contract follows successful commissioning of 160km of pipeline protection for the same customer in 2014.
- Oil and gas pipeline security is a growing market segment.
Future Fibre Technologies Limited (ASX: FFT), a global leader in fibre optic intrusion detection systems, today announced a new contract valued at $2.75 million for the sale of FFT products and services to protect pipelines in Mexico.
Today’s contract win brings the total value of pipeline projects for this one customer alone to more than $4.2 million over three years. With a solid list of identified prospects and projects, FFT is well placed to achieve significant growth in this developing market segment.
FFT Chief Executive Rob Broomfield said: “Oil theft is a growing global problem, with major oil producers losing millions of dollars in revenue as crude oil is stolen through illegal pipeline tapping. The demand for pipeline protection is increasing in line with security threats and product losses – with fibre optic based intrusion detection systems the solution of choice for both oil and gas operators. As a result, FFT Secure Pipe and FFT Aura systems are today actively protecting pipelines in Latin America, Africa, China and India.”
FFT expects that its FY2015 revenue will continue to be in line with its Prospectus forecast of $17.7 million – an increase of 34.5% over FY2014.
About FFT
FFT is a leading developer and manufacturer of fibre optic perimeter intrusion detection security systems. Deployed by some of the most security conscious industrial, military and government organisations in the world, FFT’s advanced security systems:
- detect and locate perimeter intrusions;
- identify third-party interference on oil and gas pipelines; and
- protect sensitive data network communications cables.
With hundreds of installations in more than 55 countries, FFT has established a solid reputation for delivering highly intelligent, reliable, and award winning intrusion detection solutions. www.fftsecurity.com