Business Weekly - Cambridge, UK

 Godmanchester-based CybIT said that the contract for its satellite positioning equipment includes a licensing element of Cybit Intellectual Property, which the company acquired last February through their purchase of Thales Telematics.

The deal, valued at approximately £1.2m, is a further extension to the Cybit Positioning Solutions Limited supply contract with the group, the company said.

"We are delighted to announce this valuable extension of our contract which underpins the successful relationship with this major group," said Richard Horsman, CybIT's CEO.

"The oil and gas sector offers significant potential for our systems. Real time positioning at high accuracy and availability is vital to all offshore and onshore oil and gas exploration and production operations."

Shares in the company remain unchanged at 45.5p

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