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12 Jun 2015 07:01
For Immediate Release | 12 June 2015 |
Graphene NanoChem PLC
("Graphene NanoChem" or the "Group")
US$28 Million Tender Award for the PlatDrill Series
Graphene NanoChem (AIM:GRPH) is pleased to announce the successful tender award by a major national oil company for its oil-based drilling fluid, the PlatDrill series, valued by the Group at US$28 million.
A "smart" fluid, the PlatDrill Series offers an attractive, environmentally friendly high performance drilling fluid solution that satisfies demanding technical requirements of modern day drilling including in high temperature high pressure operating environments whilst maintaining its biodegradability and low toxicity functions.
Product deployment is expected to commence in Q4 2015 for an initial period of three years.
Wan Ruzlan Iskandar Wan Salaidin, President of Market Units for Scomi Oiltools, commented: "The contract win for the PlatDrill Series is a testament to the strong value proposition enabled by our close collaboration with Graphene NanoChem, realizing the synergy of both organisations' research and development efforts, technology know-how and market presence."
Jespal Deol, Chief Executive Officer of Graphene NanoChem, commented: "The tender award gives us excellent revenue visibility going forward and we are excited by the market opportunities before us. Our product has been proven to enhance drilling efficiency and to reduce costs and through our strong partnership with the Scomi Group, the Group is starting to convert opportunities into revenues as we continue to progress in our market penetration."
For further information:
Graphene NanoChem | Tel: +603 2282 3080 |
Jespal Deol, Chief Executive Officer | |
Panmure Gordon (NOMAD and Broker) | |
Fred Walsh / Adam James / Tom Salvesen | Tel: +44 (0) 20 7886 2500 |
Tom Nicholson | Tel: +65 68248204 |
Buchanan | Tel: +44 (0) 20 7466 5000 |
Mark Edwards / Jason Day |
About Graphene NanoChem
Graphene Nanochem plc is a technology commercialisation company that operates two commercial platforms, the Advanced Chemicals platform that manufactures renewable chemical products for high growth sectors and the Advanced Materials platform that focuses on graphene nanomaterials applications for selected industries targeting high performance use.
Headquartered in Malaysia, Graphene Nanochem was admitted to the AIM of the London Stock Exchange on 26 March 2013, following the reverse acquisition of Biofutures International plc, and trades under the symbol GRPH.L.
To find out more, please visit www.graphenenanochem.com.
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