HDD Hardide Plc

TIDMHDD

Hardide PLC

08 July 2019

08 July 2019

Hardide plc

("Hardide" or the "Group" or the "Company")

Contract Award

Hardide (AIM: HDD), the developer and provider of advanced surface coating technology, is pleased to announce that it has recently received major orders to coat components for a relatively new American multinational oil and gas customer. The orders are worth US$850k (approximately GBP670k) and are part of the supply agreement previously announced.

Due to the expected timing of the components being received by the Company, not all of this order value is expected to be recognised in the current financial year. However, these orders support the Directors' confidence that expectations will be met for the current financial year to 30 September 2019 and they provide a solid foundation for the following financial year.

The orders will be fulfilled from the Company's coating facility in Martinsville, USA, and follows the decision by the Board last year to invest in increased coating capacity and a larger pre-treatment line at the Martinsville site.

Philip Kirkham, CEO of Hardide plc, commented: "We are very pleased to receive these further orders of significant value from this relatively new customer. Our recent investment in capacity at our Martinsville site means that we are able to produce the orders in the US for this US customer.

"This application of the Hardide coating improves the performance of a critical component downhole, enabling the customer to produce hydrocarbons for longer periods of time. Considerable technical challenges were overcome in order to coat this complex part and this has created a new capability for the Hardide coating and is expected to lead to new applications in the oil and gas and other industries."

 
 
  Enquiries: 
Hardide plc 
 Robert Goddard, Non-Executive Chairman           Tel: +44 (0) 1869 353 
 Philip Kirkham, CEO                                                830 
 Jackie Robinson, Communications Manager 
IFC Advisory                                      Tel: +44 (0) 2039 346 
 Graham Herring / Heather Armstrong / Florence                      630 
 Chandler 
finnCap                                           Tel: +44 (0) 2072 200 
 Henrik Persson / Kate Bannatyne / Matthew                          500 
 Radley 
 

Notes to editors:

www.hardide.com

Hardide develops, manufactures and applies advanced technology tungsten-carbide coatings to a wide range of engineering components. Its patented technology is unique in combining in one material, a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency. Customers include leading companies operating in oil and gas exploration and production, valve and pump manufacturing, precision engineering and aerospace industries.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

NRABELFBKDFZBBQ

(END) Dow Jones Newswires

July 08, 2019 02:00 ET (06:00 GMT)

Grafico Azioni Hardide (LSE:HDD)
Storico
Da Giu 2024 a Lug 2024

Grafico Azioni Hardide (LSE:HDD)
Storico
Da Lug 2023 a Lug 2024