TIDMHTG
RNS Number : 8408F
Hunting PLC
13 July 2023
For Immediate Release 13 July 2023
Hunting PLC
("Hunting" or "the Company" or "the Group")
Collaboration Agreement with CRA-Tubulars BV
Hunting PLC (LSE:HTG), the global engineering group, today
announces that it has entered into a collaboration agreement with
CRA-Tubulars BV ("CRA") to develop mutual energy transition market
opportunities in North America.
The agreement provides Hunting with access to CRA's novel
Titanium Composite Tubing ("TCT") technology and will utilise the
Group's Oil Country Tubular Goods ("OCTG") connection technology to
target Carbon Capture, Utilisation and Storage ("CCUS") and
traditional corrosion resistant OCTG applications.
About CRA and Titanium Composite Tubing technology
CRA's highly experienced team have developed a novel tubular
technology for the upstream oil and gas industry and is believed to
be an enabling technology to accelerate carbon dioxide ("CO(2) ")
sequestration projects around the globe.
With its lightweight and superior anti-corrosion performance,
TCT is a game changer technology for production and injection wells
in highly corrosive environments. Customers can anticipate a host
of benefits from this collaboration, specifically in the North
American CCUS industry.
-- CRA's TCT technology offers superior corrosion resistance,
handling the challenges of carbon dioxide corrosion and hydrogen
sulphide. Unlike typical metallic corrosion-resistant alloys,
TCT is made from aerospace grade Carbon Fibre and Titanium,
which outperforms in cryogenic low-temperature environments
found in CO(2) injection wells, avoiding embrittlement and
cracking issues.
-- With a design built to last the entire lifespan of the well,
TCT de-risks downhole tubing integrity challenges, associated
with the level of water and other contaminants that remain
in the CO(2) injection stream after the filtering process or
migrate into the well from the reservoir, resulting in substantial
Capex and Opex cost savings for CCUS operators.
TCT technology is being assessed by a number of leading
Operators and in 2022 was recognised in the Shell Game-Changer
program. TCT technology is also covered by a number of patents held
by CRA.
Agreement with Hunting
Hunting has signed a collaboration agreement with CRA, which
extends for an initial five-year period and provides exclusive TCT
marketing, distribution and manufacturing rights in the North
America region for application to the oil and gas and CCUS
markets.
CRA will provide its TCT technology to Hunting including the
option of utilising their titanium grade hydraulic premium
concentric threaded connectors. Under the agreement, Hunting also
offers end users the option of deploying this novel composite
tubing solution with conventional OCTG premium connection
technology, including the Company's proprietary SEAL-LOCK(TM)
family of connections. The Company will pursue commercial
development and project trials of TCT, leveraging Hunting's strong
presence in the OCTG supply chain, where the Company is the leading
independent supplier of OCTG connection technology.
Commenting on the collaboration agreement, Jim Johnson, Chief
Executive of Hunting, said:
"CRA's technology has the potential to disrupt the CCUS
industry. Combining Hunting's expertise in OCTG, titanium alloy
products and connection technology with this novel engineered
tubular solution, has the potential to solve the corrosion and
cryogenic temperature issues that challenge CO(2) storage well
design construction. We are excited by the prospects of this
collaboration, as Hunting increases its presence in this important
and fast growing market."
Joost DeBakker, Chief Executive Officer of CRA-Tubulars,
added:
"This collaboration is an exciting milestone for both
CRA-Tubulars and Hunting. Together, we will deliver unmatched value
to our customers through innovative solutions and exceptional
service. Our combined strengths will drive industry advancement and
set new benchmarks for excellence."
Sean O'Shea, Hunting's Director of Energy Transition, further
added:
"We are thrilled to partner with CRA-Tubulars to create a
powerful synergy in the market. By aligning our marketing efforts,
we will be better positioned to serve our customers, drive
innovation, and contribute to the growth of the CCUS industry. This
collaboration is a testament to our shared commitment to delivering
excellence."
For further information please contact:
Hunting PLC Tel: +44 (0) 20 7321 0123
Jim Johnson, Chief Executive
Bruce Ferguson, Finance Director
lon.ir@hunting-intl.com
Buchanan Tel: +44 (0) 20 7466 5000
Ben Romney
Notes to Editors:
About Hunting PLC
Hunting PLC is a global engineering group that provides
precision-manufactured equipment and premium services, which add
value for customers. Established in 1874, it is a premium listed
public company traded on the London Stock Exchange. The Company
maintains a corporate office in Houston and is headquartered in
London. As well as the United Kingdom, the Company has operations
in Canada, China, Indonesia, Mexico, Netherlands, Norway, Saudi
Arabia, Singapore, United Arab Emirates and the United States of
America.
Hunting PLC's Legal Entity Identifier is
2138008S5FL78ITZRN66.
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END
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