September 15, 2022:
Harvest Technology Group Limited (ASX:HTG) (Company, Harvest, Group) is pleased to announce that it has won its first contract with Vallianz Holdings Limited (Vallianz). Vallianz has selected Harvest’s ultra-low bandwidth, high-quality and secure Nodestream™ technology to play a key role in their vessel situational awareness, streaming live video from onboard CCTV cameras to a shore-based operations centre at a fraction of the cost and bandwidth traditionally required.
Vallianz provides specialised vessels to tier 1 clients in the offshore energy sectors. Based in Singapore and listed on the Singapore stock exchange, Vallianz has been operating for more than 30 years with extensive coverage in Asia, Middle East, and Gulf of Mexico. Vallianz are a forward-thinking organisation and open to adopting new technologies to drive operational efficiencies for their clients.
“Vallianz looks forward to working with Harvest Technology Group in delivering live video streaming solutions for remote monitoring from our vessels to our operations centre (V-Hub). This solution will increase operational efficiency of our vessels and deliver enhanced vessel capabilities for our clients” said Elisa Woodward, Head of Engineering, New Building and Technology – Vallianz.
“We are excited about developing our relationship with Vallianz in the APAC region and look forward to supporting expansion of our technology to their other vessels around the globe,” said Richard Coston, Head of Sales – APAC, Harvest.
“Harvest are a Certified Application Partner of Inmarsat, and we are pleased to be collaborating with Harvest in helping meet our customers’ needs by assisting digitisation of their offshore vessels,” stated Dennis Teo, Sales Director, Inmarsat Maritime APAC.
Whilst the value of this contract is not material on its own, this new relationship with Vallianz has the potential to deliver a material increase to the group’s annual revenue over time, as more contracts are secured. Working closely with the Inmarsat Maritime business unit, the Harvest solution utilises the existing Inmarsat Global Express satellite network on the vessel to deliver the customer requirements.
The significance of this contract is that it represents the first order from Vallianz, who operate a fleet of over 70 vessels around the globe with the opportunity to expand on this initial contract in the future. Notwithstanding that Harvest sees this relationship as a material opportunity, investors should note that it may not result in additional orders beyond this initial order.
Contract value of approximately USD$30k
Initial fixed contract term of 24 months
There are no further conditions that need to be satisfied prior to this contract becoming legally binding on the counterparty
This partnership with Vallianz is a key part of Harvest’s Phase 2 strategy for income growth and diversity. The company looks forward to providing further updates on new business opportunities during the current financial year.