Ocean Power Technologies Signs Master Service Contract With A Leading Offshore Oil And Gas Operator

Master Service Contract Governs All Future Work Including Delivery of Goods and Services

Ocean Power Technologies Inc, a leader in innovative and cost-effective ocean energy solutions, today announced that it signed a Master Service Contract with a leading offshore oil and gas operator. The Contract will govern all work with this customer within the U.S. and the U.S. outer continental shelf, including the provision of goods and services.

George H. Kirby, President and Chief Executive Officer stated, “This Contract is the first with a U.S. oil and gas operator, opening the door for OPT to provide solutions into the Gulf of Mexico where we believe there exists significant need for cost-effective remote offshore power and communications. This Contract signifies a major investment of time and resources by our customer and OPT, which further demonstrates the demand for our solutions and our credibility as experts in marine power and communications.”