OIL - McCOY GLOBAL ANNOUNCES RECEIPT OF SIGNIFICANT CONTRACT AWARD FOR DEEP WATER OFFSHORE INTEGRATED CASING RUNNING SYSTEMS INCLUDING SaaS SUBSCRIPTION TO ITS PROPRIETARY VIRTUAL THREAD-REP(TM) SOFTWARE | Benzinga
EDMONTON, AB, June 11, 2024 /CNW/ - McCoy Global Inc. ("McCoy," "McCoy Global" or "the Corporation") (TSX:MCB) today announced the acceptance of a contract award totaling CAD$3.7 million for deep water offshore integrated casing running systems. The contract award also marks the first offshore commercial Software as a Service (SaaS) purchase commitment for its Virtual Thread-RepTM technology. McCoy's Virtual Thread-RepTM technology enables customers to remotely monitor and control premium connection make-up. It also facilitates the autonomous evaluation and confirmation of premium connection make-up on location. Delivery of the equipment and technology is expected to occur in the fourth quarter of 2024 and first quarter of 2025.
"This contract award underscores McCoy's significant application expertise in the deep-water offshore market, where full integration has been a requirement for over a decade. Thanks to our engineering capabilities and diverse technology portfolio, McCoy has historically held a commanding market share among Tubular Running Service (TRS) providers and drilling contractors who do not offer their own proprietary technology in the offshore segment. As offshore markets continue to gradually strengthen, this trend will provide meaningful opportunities for McCoy going forward," said ...