The company said the agreement creates opportunities to expand its operations in the European geothermal energy services market and aligns with its strategy to diversify operational capabilities both domestically and internationally.

"The inclusion of the company in a supplier portfolio of an international energy group reflects the compatibility of the company's technical and operational capabilities with the requirements of this market segment," said the company in a statement submitted to the Bucharest Stock Exchange (BVB).

Geothermal energy is primarily used for heating and cooling, especially through district heating networks, representing a segment supported at European level through public and private investment programmes in the context of energy sector decarbonisation strategies and reducing dependence on fossil fuels.

Founded in 1983, Foraj Sonde Videle operates onshore drilling activities with experience in oil and natural gas projects, as well as geothermal well drilling. The company has drilled over 3 million metres throughout its four decades of operation.