Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q1 2020 Earnings Conference Call - Final Transcript

Sep 18, 2019 • 11:00 am ET

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Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q1 2020 Earnings Conference Call - Final Transcript

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Q & A
Executive
George H. Kirby

social media. I would also mention that you can continue to see information that we're posting there as well. So that's a good question, Peter, but with Huntington field right now, at least from the customer standpoint, we're not focused on monitoring wells yet.

Analyst
Peter Ruggiere

Okay. How -- is anything new going on with MES Japan?

Executive
George H. Kirby

There are some new things going on right there, I can't talk about them. I have to say that I'm pretty excited about the direction that this relationship is going with MES. But when I can talk about that, you can rest assure that I will. And then that begs an important point. There are many small wins with customers that we experience along the way that I can't share, whether it's because maybe it's information that shouldn't be shared, maybe the customer would rather us not talk about these small wins, but I'm glad you brought up MES because we are making important progress with them. And it was a direct result or is a direct result of the time that I spent with them over in July. So I'm trying to get out in the field more with my sales team, more and more to meet with customers. I'll be in the UK next week, meeting with a new customer, a very big potential customer, as well as an existing customer to see what more we could do with them and some other folks as well. So good question.

Analyst
Peter Ruggiere

On the Gulf of Mexico, on that -- when would -- what would be the next step? And how many possibilities is that market because I know I mean the Gulf of Mexico and I guess the North Sea are the two biggest fields in the world, right?

Executive
George H. Kirby

Yeah and interestingly from a decommissioning standpoint, the Gulf of Mexico is the largest market in the world, there is that many wells. Now not every well needs our service, not every field needs our PowerBuoys or our solutions if you will. When are next steps? I can tell you this, this operator that we're working with on this, they have multiple opportunities that they're looking at in time, in the future. We are trying to target a near-term opportunity, a lot of that has to do with timing because there's a lot of internal work from the customer's standpoint that needs to happen. So we're doing everything that we can to help them to position us to be used on a future field, the next decommissioning opportunity. If that doesn't happen for whatever reason, there are more behind it.

So I can say multiple wells, multiple systems from OPT over time and that's one customer. But what -- single customers with applications like this are very, very important and we're seeing this with Premier Oil. Premier Oil was working with us for years. In fact, they were talking to us when I came on board back in 2015. They joined our technical advisory panel as