Ocean Power Technology (Nasdaq: OPTT) stock is floating on the use of a new fancy probe for monitoring energy and atmospheric conditions from its place on the high seas.
Today’s news shows one of the company’s clients has deployed its PB3 Powerbuoy in the North Sea on a nine-month lease.
Premier Oil reportedly inked the agreement dependent on a number of acceptance criteria to be determined in the first three months. The lease will also be extendable.
In addition to monitoring, the buoy will also provide outgoing communications, including advising ships of “safety zones” set up for maritime safety. Premier leaders say that the new technology will help with dealing with the environmental impact of decommissioning.
“We are excited to be trialing the PB3 PowerBuoy at our operated Huntington field,” said Paul Williams, UK Business Unit Manager at Premier according to a press statement. “Assuming success, we will look at the potential to deploy this technology on other assets and for different purposes, both in the UK and further afield.”
“We are excited to be supporting Premier in their decommissioning activities with our PB3 PowerBuoy, which delivers a reliable autonomous solution for surveillance and monitoring,” added George H. Kirby, President and Chief Executive Officer of Ocean Power Technologies.
On the power of this news, Ocean Power’s equity spiked almost 60% in premarket trading up to over $2.60 from a previous close of $1.67.
The pre-market gains raise OPTT back to highs not seen since early April, when the stock fell off of a $7.76 pinnacle to go lower, and lower, down under $2.00.
Take a look at what happens to Ocean Power throughout the day.