Movement Industries Corporation (OTCMKTS:MVNT) Stock Gains 15%: What’s The Buzz?
There were a number of stocks that managed to make notable gains on Tuesday, and one of those was Movement Industries Corporation (OTCMKTS:MVNT). The stock came into focus after specific news emerged about the company, and it went up by as much as 15% amidst heavy interest.
Yesterday, it emerged that the company had completed and taken delivery of its first custom-made 40-foot mobile workshop. The workshop in question was customized and equipped with a temperature-controlled, comfortable environment. The workshop had been designed with a lot of attention to detail by the company. It is equipped with specialized equipment meant for drilling ultra-short radius wells and is also equipped with Titanium Drill Pipe, specialized drill bits, electronic survey tools, and USR Mud motors, among others. The unit, which is self-sustaining, would be deployed for the purpose of supporting drilling operations in Romania.
Linh Nguyen, the Chief Executive Officer of the company, spoke about the milestone at Movement Industries Corporation as well. He noted that he was proud of the engineering and manufacturing teams for their work in the design and then completion of the unit.
The Chief Executive Officer of USR Drilling Group, David LaPadre, noted that he was excited with regards to the deployment of the unit in Romania and went on to note that he would be looking for further opportunities so that contracts could be awarded to Movement Industries Corporation. In this context, Nguyen further noted that the company would continue to supply engineering, manufacturing, and design services to USR Drilling Group so as to further strengthen the relationship between the two nations. In the next stage of the association, the company would look to integrate its remote monitoring technologies and then spread them across a range of markets to attract further deployments.
On June 29, the company hit the news cycle after it announced that it had completed the establishment of a joint venture. More importantly, the company also announced that the joint venture had already been awarded a contract, which would bring in as much as $10 million. At the time, Nguyen noted that the joint venture had been established with the aim of addressing the full spectrum of the Pemex opportunity.
The joint venture would help in the establishment of a platform for Movement Industries Corporation to engage with Pemex and the wider energy industry in its quest to bring about digital transformation. He went on to commend the entire team at the company that had put in the effort on the contract, which would unlock considerable value for the shareholders. The vice president of technology at the company, Sami Suheil, spoke about the matter as well. He noted that the joint venture was an association of three companies that had bid jointly to Pemex to provide remote monitoring services for real-time data. The monitoring would be of the off-shore and on-shore operations of Pemex’s operations in the Southeast region.
