Wavefront Technology Solutions Inc.: Wavefront Announces Equipment Rental Agreement with Multinational Oilfield Services Company
Edmonton, Alberta--(Newsfile Corp. - December 21, 2020) - Wavefront Technology Solutions Inc. (TSXV: WEE) (OTCQB: WFTSF) ("Wavefront" or the "Company"), an oil field service provider focused on offering the oil and gas industry proprietary, leading edge technology is pleased to announce that it has entered into an equipment rental agreement with a multinational oilfield services company ("Client") for the distribution of Wavefront's Powerwave well stimulation technology in the Kingdom of Saudi Arabia.
Founded in Weatherford, TX in 1941 the Client provides innovative solutions, technology, and services to the oil and gas industry from 90 global locations. Under the terms of the initial one-year agreement, commencing December 21, 2020, Wavefront will provide certain Powerwave well stimulation technology to the Client for distribution to its customers in the Kingdom. Wavefront revenues, at various Powerwave tool rates, will be recognized over time, when the Powerwave tools are rented to underlying exploration and production ("E&P") companies.