Shares of Australian technology services provider, RemSense Technologies (ASX:REM), rose as much as 4.8% to A$0.065, marking its biggest intraday percentage gain since August 28.

This rise comes as a result of receiving a contract from the nation’s leading oil and gas explorer, Woodside Energy (ASX:WDS).

The contract requires RemSense Technologies to provide a ‘photographic visual twin’ of one of Woodside Energy’s floating vessels.

Furthermore, RemSense Technologies announced that the contract would bring a revenue of A$246,440; work is scheduled to start in the first quarter of 2024.

Despite this boost, the company’s stock is down 63.5% year to date, as of its last close.

RemSense Technologies is an Australian technology services provider specializing in oil and gas explorations.