Directa Plus subsidiary secures contract extension with OMV Petrom

(Sharecast News) - Graphene-based products business Directa Plus revealed on Monday that its environmental subsidiary had inked a �1.59m contract extension with OMV Petrom.

Directa Plus stated its Setcar subsidiary had secured an extension to its original framework agreement with OMV, which commenced in 2021 and has generated over �1.0m in revenues to date.

The AIM-listed firm said the scope of the new agreement includes the treatment of up to 40,000m� of sludge/emulsion, and up to 25,000m� of water, as well as the supply of adsorbent barriers and pillows for containment and absorption.

Directa noted that in addition to supporting its 2025 revenue visibility and operational scaling in the oil and gas vertical, the agreement had also further strengthened its position in the Eastern European environmental services market, reaffirming its strategic relationship with "a major energy operator in the region".

Chief executive Giulio Cesareo said: "This contract extension reaffirms the strong relationship Directa Plus has with longstanding clients, underpinning its credibility to deliver for major clients, evidenced by OMV Petrom's continued engagement and repeat business.

"The strong interest and continued adoption of our Grafysorber technology underlines both the value of our solutions and the strength of demand in the region."

As of 1215 BST, Directa Plus shares were down 3.45% at 7.0p.

Reporting by Iain Gilbert at Sharecast.com