- McCoy Global (TSX:MCB) has secured $11 million in new US contracts for its smarTR tubular running technology, which is designed to enhance well integrity and personnel safety in the energy industry
- The company has been profitable for four straight years while growing revenue
- McCoy Global optimizes well integrity and data collection for energy companies in more than 50 countries
- McCoy Global stock has added 74.35 per cent year-over-year and 732.50 per cent since 2020
McCoy Global (TSX:MCB) has secured $11 million in new US contracts for its smarTR tubular running technology, which is designed to enhance well integrity and personnel safety in the energy industry.
The new deals follow successful trials in the field, including with a leading US tubular running service (TRS) provider, with all work expected to be completed in 2025.
According to Wednesday’s news release, the company will also earn SaaS-based revenue as clients deploy smartTR’s remote integration and automated operational capabilities.
McCoy Global more than doubled net income from C$4.08 million in 2021 to C$8.87 million in 2024, while growing revenue from C$32.80 million to C$77.53 million, respectively, making the company well worth a deeper look to add long-term value to your portfolio.
Leadership insights
“This commitment underscores industry confidence in our technology, particularly in the US land market where recent market volatility and recessionary pressures loom,” Jim Rakievich, McCoy Global’s president and chief executive officer, said in a statement.
“We believe the TRS space is on the verge of transformation, this milestone marks the culmination of over five years of dedicated effort and innovation, and we are thrilled to see our vision becoming a reality,” added Bing Deng, McCoy Global’s chief operating officer. “Conventional equipment and processes in TRS are mechanical, highly repetitive, require significant skilled labor inputs, have a high rate of personnel safety exposure and maintain minimal well integrity data. There is a critical shortage of skilled and experienced labor, and in the US land market, this is a significant cost to operations. McCoy’s smarTR system is an innovative solution to all these challenges. By integrating McCoy’s proprietary hydraulic smartCRT, smartFMS and related tubular running accessories, McCoy’s smarTR system is a first-to-market technology that significantly enhances both safety and efficiency and targets up to a 67 per cent reduction in labor costs.”
About McCoy Global
McCoy Global is dedicated to transforming well construction through automation and machine learning to optimize integrity and data collection for the global energy industry. The company operates in more than 50 countries.
McCoy Global stock (TSX:MCB) is up by 22.88 per cent on the news trading at C$3.33 per share as of 1:07 pm ET. The stock has added 74.35 per cent year-over-year and 732.50 per cent since 2020.
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(Top photo, generated by AI: Adobe Stock)
