SRJ Technologies Starts Dubai Field Work Under Deal With US$4.4M Pipeline
Key Takeaways
- SRJ has begun revenue-generating field operations under its three-year Dubai Petroleum agreement, following the first call-off order announced on 20 August 2026.
- The DP agreement carries an indicative pipeline of up to US$4.4 million over three years, but with no minimum work commitment it is not guaranteed revenue.
- The Angola FPSO inspection contract worth £117k (A$222k) is now expected to mobilise in October after a revised schedule, and a Fulkrum framework agreement is being finalised.
- An unnamed European O&G Supermajor expanded its emissions programme from €93k to €162k (A$262k), with the extra scope due for completion in FY26.
- No financial guidance was given, so the next test is whether DP call-offs, Angola and Fulkrum turn into repeat work.
Dubai Petroleum operations commence as SRJ builds international asset integrity revenue
SRJ Technologies Group Plc (ASX: SRJ) has commenced revenue-generating field operations under its three-year Dubai Petroleum (“DP”) asset integrity agreement. It is the clearest sign yet that a signed contract is turning into billable work.
Three other developments landed in the same 8 October 2026 update: Angola mobilisation is progressing, a framework agreement with Fulkrum is being finalised, and an existing emissions quantification programme for an O&G Supermajor has expanded.
Here are the four headline items:
- Dubai Petroleum: the first operational call-off is now underway across DP’s onshore assets.
- Pipeline: the DP agreement carries an indicative opportunity pipeline of up to US$4.4 million over its initial three-year term.
- Angola: the £117k (A$222k) FPSO inspection contract is expected to mobilise in October.
- O&G Supermajor: the emissions programme has expanded to A$262k.
George Gourlay, Non-Executive Chair
“…Dubai Petroleum now operational, Angola expected to mobilise in October and our Oil and Gas Supermajor emissions programme expanding.”
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Dubai Petroleum call-off underway across onshore assets
From proof-of-concept to field execution
SRJ’s UAE subsidiary, Air Control Entech Survey LLC (“ACE”), has mobilised following the first formal call-off order, announced on 20 August 2026. The agreement itself was announced on 20 April 2026.
The initial programme involves robotic detection of fugitive emissions across DP’s onshore assets. It follows the successful completion of an earlier proof-of-concept campaign.
For you as an investor, this matters because it shows SRJ progressing from proof-of-concept, through contract award and call-off, into field execution in the Middle East despite the regional disruption experienced during 2026.
What the agreement offers
| Term | Detail |
|---|---|
| Initial term | **Three years** |
| Extension option | Option for DP to extend for a further **two years** |
| Indicative opportunity pipeline | Up to **US$4.4 million** over the initial three-year term |
| Structure | Call-off basis |
One caveat matters here. The agreement does not commit DP to a minimum volume of work, so the US$4.4 million is an “indicative opportunity pipeline”, not guaranteed revenue.
The Board considers the start of operations strategically important because it establishes SRJ within DP’s operating environment. It also provides a platform from which to support further inspection, emissions management and broader asset integrity requirements as additional scopes are released.
Why fugitive emissions detection matters for asset integrity
Asset integrity is about keeping critical equipment, such as pressure containment systems, safe and working reliably. Fugitive emissions are unintended gas leaks from equipment.
According to the announcement, detecting and managing them is a critical component of asset integrity. It enables potential leaks and equipment degradation to be identified and addressed before they develop into more significant operational issues.
SRJ provides remote inspection using advanced robotics and custom UAV (unmanned aerial vehicle) technologies, which the company says minimises human risk. Remote inspection supports operators in three ways:
- It helps identify potential leaks and equipment degradation early.
- It collects data remotely to support safe and efficient emissions measurement and reporting.
- It supports compliance with regulatory requirements.
SRJ states that demand for its services continues to be underpinned by operational reliability, safety and regulatory compliance. Those are recurring needs, which is the basis of the recurring revenue model SRJ is pursuing.
Angola FPSO mobilisation and Fulkrum framework agreement
SRJ is progressing mobilisation under the £117k (A$222k) specialist inspection services contract with Fulkrum, announced on 20 August 2026. Following a revised mobilisation schedule, the project is now expected to mobilise during October.
The scope is an asset life extension programme across two Floating Production Storage and Offloading (“FPSO”) vessels operating offshore Angola. The award is SRJ’s first project with Fulkrum and its first inspection deployment on FPSO assets offshore Angola.
Fulkrum is a global service provider specialising in inspection, expediting, auditing, asset integrity management and technical staffing across the energy, oil and gas and renewables sectors.
SRJ and Fulkrum are finalising a subcontractor framework agreement to pursue wider international inspection and asset integrity opportunities. The framework does not guarantee any minimum work or revenue, but it provides an additional channel to deploy SRJ’s specialist capabilities across a broader international footprint.
O&G Supermajor emissions programme expands to A$262k
An existing purchase order for multiple emissions quantification campaigns for an O&G Supermajor in Europe has increased from €93k to €162k (A$262k). That is an additional €69k of work. The customer’s identity is subject to contractual confidentiality obligations.
The original €93k scope has been completed. The additional scope is expected to be delivered and the expanded programme completed during FY26, and the purchase order is subject to the customer’s standard terms and conditions and contains no material conditions precedent to the delivery of the additional scope.
The campaigns involve methane and CO2 detection and quantification onboard offshore O&G platforms using remote inspection technology. The programme supports the client’s compliance with Oil & Gas Methane Partnership (“OGMP”) 2.0 Level 4 and Level 5 requirements.
The original programme was referenced in SRJ’s quarterly reporting but, given its value, was not separately announced. An expansion with an existing customer builds on that relationship and points to the repeat business SRJ is targeting.
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Building recurring revenues across multiple channels
SRJ described three channels through which it is building a recurring Asset Integrity Maintenance business: multi-year operator agreements, expanded customer programmes and strategic relationships providing potential access to new markets and opportunities.
On the outlook, SRJ continues to progress further opportunities across its Asset Integrity Services and Engineering & Project Services businesses in the Middle East and internationally. The announcement did not include financial guidance.
Gourlay said the company’s focus “…remains on successful delivery, converting our pipeline and building recurring revenues across the Group.” For you, the next test is whether call-offs under the DP agreement, the Angola mobilisation and the Fulkrum framework turn into repeat work.
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