SRJ Technologies (ASX: SRJ) is an asset integrity technology provider whose robots and drones help inspect oil and gas infrastructure. SRJ has three complementary business units (ACE, EAS and MEAS) that form a unified, technology-enabled asset integrity platform covering the entire asset maintenance cycle (inspection, maintenance and repair). The selling point to clients is that their facilities can be kept safe, operational and compliant. The commercial opportunity in asset integrity is immense.

The SRJ of 2026 is markedly different from the SRJ of 2024

SRJ has made significant commercial progress over the last 18 months even though its valuation has not reflected this. The company has reduced its cost base, secured strategically important partnerships, pivoted to the Middle East as a growth focus, and built a pipeline to be converted into recurring revenue.

SRJ is growing globally

The Middle East is a priority for SRJ because it is one of the world’s largest markets for pipeline maintenance, shutdown support and integrity remediation. Local operators there award multi year frameworks with high utilisation potential. SRJ is now positioned to compete for this work & has already secured early traction through multiple commercial agreements, including with Gecko Middle East Petroleum, a major UAE upstream operator and Divitech, a subsidiary of AD Ports Group. SRJ has also advanced work under its US$6m and US$23.8m joint venture frameworks with its UAE JV partners. Beyond the Middle East, SRJ believes there are multiple markets that can make the company truly global in scope, and the roster of clients SRJ has been able to name such as
BP, Woodside, ENI, Total, Repsol, SBM Offshore and BW Offshore shows it has the credibility to grow globally.

Valuation of $0.03-0.04 per share

We’ve valued SRJ using a SOTP valuation and derived A$0.03 per share in our base case and A$0.04 per share in our optimistic (or bull) case. The majority of our valuation (80% in our base case) is derived from the MEAS business, whose full potential the market is not currently recognising