LONDON--(BUSINESS WIRE)--Sep. 19, 2024--
Hunting PLC (LSE:HTG), the global precision engineering group, is delighted to announce the expansion of their strategic partnership with CRA Tubulars B.V. ("CRA"), a Dutch innovator in advanced composite tubing. This enhanced collaboration underscores both companies' commitment to advancing the development and commercialisation of Titanium Composite Tubing ("TCT") technology, as part of Hunting’s strategic growth ambition to develop energy transition markets, including carbon capture and storage opportunities.
TCT technology offers significant well design and enhanced performance benefits to operators compared to conventional corrosion resistant alloy tubing, especially for carbon dioxide storage wells and highly corrosive oil and gas well completions.
In August 2024, Hunting made a strategic financial investment in CRA to support the development and commercialisation of TCT. In addition to North America, the partnership's exclusive territory will expand to cover the entire European region, including all EU member states, the United Kingdom, Iceland, Norway, and Switzerland. This move solidifies Hunting’s and CRA's joint efforts to introduce TCT to new markets and customers across Europe.
In addition to financial support, Hunting will provide CRA with vital technical assistance, including the option of applying Hunting's industry proven premium connection technology to TCT pipe, engineering and test lab support, and proven expertise to implement a robust quality management system. Hunting will also support CRA’s marketing efforts in Europe and North America, helping to accelerate the adoption of TCT technology.
This expansion of the original agreement announced in July 2023, reinforces both parties' commitment to complete the successful development and commercialisation of TCT.
Notes to Editors:
About Hunting PLC
Hunting is a global, precision engineering group that provides precision-manufactured equipment and premium services, which add value for our customers. Established in 1874, it is a listed public company, quoted on the London Stock Exchange in the Equity Shares in Commercial Companies (“ESCC”) category. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in China, India, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the United States of America.
The Group reports in US dollars across five operating segments: Hunting Titan; North America; Subsea Technologies; Europe, Middle East and Africa (“EMEA”) and Asia Pacific.
The Group also reports revenue and EBITDA financial metrics based on five product groups: OCTG, Perforating Systems, Subsea, Advanced Manufacturing and Other Manufacturing.
Hunting PLC’s Legal Entity Identifier is 2138008S5FL78ITZRN66.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20240918243580/en/
Hunting PLC
Tel: +44 (0) 20 7321 0123
or
lon.IR@hunting-intl.com
Source: Hunting PLC
