(Alliance News) - Hunting PLC on Thursday said it will collaborate with CRA-Tubulars BV to develop energy transition market opportunities in North America.
The London-based energy services firm said it will have access to CRA's Titanium Composite Tubing and Oil Country Tubular Goods connection technology under the agreement in order to target carbon capture, utilisation and storage. This is meant to accelerate carbon dioxide sequestration projects, Hunting explained.
The deal is for an initial five-year period, Hunting said, and provides exclusive TCT marketing, distribution and manufacturing rights in North America.
CRA Tubulars is an Almere, Netherlands-based engineering firm operating in the energy sector.
Hunting Chief Executive Officer Jim Johnson 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 CO2 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."
Shares in Hunting were up 3.3% at 269.00 pence each in London on Thursday morning.
By Sabrina Penty, Alliance News reporter
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