LONDON (ShareCast) - (Sharecast News) - Security and surveillance systems developer Petards has signed a two year services support agreement with Siemens Mobility, it announced on Tuesday, for their Desiro City rail fleet projects.
The AIM-traded firm said the agreement, with a start date of 1 August, was for the provision of technical and software support, servicing and repairs to the 'Petards eyeTrain' systems.

Those systems are fitted on the Siemens Desiro City rolling stock used by Govia Thameslink Railway, specifically the class 700 Thameslink and class 717 Great Northern electric multiple units.

"Having worked with Siemens Mobility since 2012 we are delighted to now enter into our first services support agreement with Siemens UK," said chairman Raschid Abdullah.

"We are committed to providing ongoing support to our customers throughout the life of the trains."

Abdullah said such agreements provide long term recurring revenue, operational efficiency and protection of the customer's asset value while in service.

"With a typical train life of 35 years and Petards eyeTrain systems presently installed in over 12,000 vehicles, this provides a strategic milestone to significantly grow our rail support services business."

At 1458 BST, shares in Petards Group were up 5.65% at 6.55p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE