Future Fibre Technologies Limited (FFT), a global leader in fibre optic intrusion detection systems, announced a new contract valued at $2.75 million for the sale of FFT products and services to protect pipelines in Mexico.
Today’s contract win brings the total value of pipeline projects for this one customer alone to more than $4.2 million over three years. With a solid list of identified prospects and projects, FFT is well placed to achieve significant growth in this developing market segment.
FFT Chief Executive Rob Broomfield said: “Oil theft is a growing global problem, with major oil producers losing millions of dollars in revenue as crude oil is stolen through illegal pipeline tapping. The demand for pipeline protection is increasing in line with security threats and product losses – with fibre optic based intrusion detection systems the solution of choice for both oil and gas operators. As a result, FFT Secure Pipe and FFT Aura systems are today actively protecting pipelines in Latin America, Africa, China and India.”
FFT expects that its FY2015 revenue will continue to be in line with its Prospectus forecast of $17.7 million – an increase of 34.5% over FY2014.
