SW1.ASX: Shell Prelude signs 3-year contract for Swift Access

Shell Prelude signs 3-year contract for Swift Access

Stock	Swift Networks Group Ltd (SW1.ASX)
Release Time	11 Feb 2025, 8:15 a.m.
Price Sensitive	Yes

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Shell Prelude signs 3-year contract for Swift Access

Key Points

New 3-year agreement with CAPEX and OPEX components
Subscription Services include Swift Access and Swift Support
Subscription revenue commences 1 March 2025
Total Contract Value $804,191

Full Summary

Swift Networks Group Ltd has signed a 3-year agreement with Shell for their Prelude vessel to install Swift Access, with Swift's Secure Casting and provide ongoing Swift support services, including a 24/7 Technical Helpdesk. Prelude is an operational floating liquefied natural gas (FLNG) facility, located offshore, north-northeast of Broome, in Western Australia. The agreement includes both CAPEX and OPEX components, with subscription revenue commencing on 1 March 2025. The total contract value is $804,191. Swift has a well-established portfolio of premium Oil and Gas companies as key customers, including INPEX, Roy Hill, BHP, and MinRes. Swift's extensive experience within this sector has led to the development of product features and solutions to overcome challenges unique to the Oil and Gas sector, particularly for offshore locations.