Ocean Power Technologies Inc (NYSE-A:OPTT) announced that it has been awarded a contract for the immediate delivery of a Wave Adaptive Modular Vessel (WAM-V) to an offshore construction contractor.
The provider of intelligent maritime solutions and services said the vehicle will provide survey services for an offshore dredging project in Sub-Saharan Africa.
The award includes providing a spare vehicle system that can be assembled on-site, it noted.
OPT will recognize revenue over the course of the contract, which builds on the recent commercial successes of its vehicles in offshore construction and the energy industry.
Phillip Stratmann, OPT CEO, expressed his enthusiasm over this revenue-generating contract.
"In addition to our recent expansion into Latin America, we are excited to start providing services in Sub-Saharan Africa,” Stratmann commented.
“This region has an active offshore energy industry, and we are also excited about potential ocean security applications. As we continue to scale, we are also continuously looking at additional regions for expansion, such as the Middle East.”
Shares of OPT traded higher on the news, adding more than 6% before Wednesday's opening bell.