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Tuesday, June 6, 2023

Team Inc. (TISI) Stock Surges Following Awarding of Multi-Year Contract with Chevron

Team Inc. (TISI) stock prices were up by 3.85% as of the market closing on October 4th, 2021. This brought the price per share up to USD$3.24 at the end of the trading day. Subsequent premarket fluctuations have seen the stock surge by 14.51%, bringing it up to USD$3.71.

TISI Stock’s Contract with Chevron

October 4th, 2021 saw TISI announce having been awarded a multi-year contract from Chevron Corporation. The leading global provider of asset performance management solutions has been partnered up with CVX stock to provide inspection, testing, and analytics. This is a part of the company’s industry-leading mechanical integrity program. The company is continuing to look forward to the opportunity to expand upon its existing relationship with Chevron.

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Synergistic Collaboration

The partnership hopes to facilitate the incorporation of their upstream assets into the company’s mechanical integrity solutions program. The contract award is a result of a partnership with an established track record and a history of successful collaboration. The company’s new Asset Integrity and Digital Group will work closely with Chevron. Together, the combined company will facilitate the provision of technology-enabled inspection services and engineering assessment solutions.

TISI Stock’s Focus

The company is continuing to report growing demand for its upstream clients for TEAM’s service offerings. This is in light of the increasing importance that has been placed on emissions compliance over the years. Further consolidating the upstream are a focus in maintaining wellhead integrity, as well as the elimination of emission leads. The company’s unique ability to provide an integrated solution of integrity, reliability and mechanical repair allows TEAM to maintain its leadership in asset integrity and performance assurance. In order to further consolidate this leadership, TISI stock is working on leveraging its local presence.

Maintaining Market Leadership

The company is headquartered in Sugar Land, Texas as a global industry leader in its market space. TISI stock facilitates the deploying of conventional to highly specialized inspection, condition assessment, maintenance, and repair services. These measures result in increased safety, integrity, reliability, and operational efficiency for its clients’ most critical assets.

Future Outlook for TISI Stock

The company reported a strong quarter, consolidated by the expanded scope of opportunities afforded by its contract with Chevron. TISI stock is poised to capitalize on this development in a bid to usher in unprecedented growth. Current and potential investors are hopeful that management will be able to effectively leverage the resources at its disposal. This is hoped to facilitate significant and sustained increases in shareholder value over the long term.

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