18 May 2017 07:00
18 May 2017
Hayward Tyler Group PLC
New Order Wins and R&D Update
Hayward Tyler Group plc ("HTG", the "Company" or "Group"), the specialist engineering Group, comprising the operating companies of Hayward Tyler and Peter Brotherhood, is pleased to announce that the Group has made further progress and won several new orders totalling more than £2.1m from key customers.
Highlights
· Over £1.5m contract to deliver a 9MW steam turbine to the world's largest biomass power station, currently under construction in the UK;
· £600,000 contract with Dongfang Boiler Group for two boiler circulating pump ("BCP") units for the new Tian Ming 1000MW Ultra Super Critical power plant in Sichuan Province, China;
· Strategic alliance with FSubsea moves into full-scale prototype development of the Hydromag autonomous subsea boosting development programme, following agreement with Aker BP, Lundin and NOV;
· Working with the University of Edinburgh on the development of the C-Gen Neptune generator to harness wave energy, which secured £2.5m in funding through Wave Energy Scotland.
Contract wins
The first contract win is for a Peter Brotherhood 9MW steam turbine mechanical drive. The contract is valued at over £1.5m, is for delivery in early FY2019 and will be for the world's largest biomass power station due to start commercial operation in 2020. Critically, this order win demonstrates the versatility of end-market applications for Group products and a broader addressable market.
Hayward Tyler has also secured another order with the Dongfang Boiler Group to provide boiler circulating pumps at the new Tian Ming power plant in Sichuan Province, China. The 2x 1000MW Ultra Super Critical power plant is currently under construction and the contract is the second BCP order from Dongfang Boiler Group this year, following the Ennore contract win recently announced.
Research and development
FSubsea strategic alliance
In April, 2016 FSubsea and Hayward Tyler announced the formation of their strategic alliance agreement with the adoption of Hayward Tyler's subsea motor technology as part of the innovative FSubsea Hydromag autonomous subsea boosting development programme.
FSubsea, a winner of this year's OTC Spotlight on New Technology Award, announced earlier this month that Aker BP, Lundin and NOV had signed an agreement to develop and test a full-scale prototype of the world's most autonomous boosting system.
With this news, the prototype will now be tested offshore following extensive factory acceptance testing and as a result of this the Hayward Tyler motor and qualified penetrator technology has been selected for adoption to support the subsea deployment of the system. The FSubsea order for the Hayward Tyler penetrators reflects the strong collaboration and confidence in their respective technologies that both businesses believe hold the key to unlocking single and multi-phase boosting solutions for a far wider number of subsea wells than can currently be economically accessed using existing technologies.
University of Edinburgh partnership
Hayward Tyler has also been working with The University of Edinburgh, to develop a generator to harness wave energy and convert this to power.
The C-Gen Neptune generator has been developed to a working prototype and has now secured £2.5m funding through Wave Energy Scotland to build the first units for production and testing offshore, of which £0.75m relates to Hayward Tyler's involvement over the next 24 months.
Hayward Tyler is ideally suited to manufacture and develop this technology, having recently completed the build of their Centre of Excellence, the world's most advanced facility for specialist motor manufacture, with testing capabilities designed for their submersible, fluid filled electric motors, including 4m and 7m test pits and permanent magnet clean facilities.
Chief Executive Ewan Lloyd-Baker commented:
"We are delighted to be announcing these new contract wins which confirm that momentum is continuing to build throughout HTG. We are proud to be supplying our performance-critical products to these projects, to both new and returning customers, and it remains integral to our international growth strategy as we service a broadening end-market.
"We are also very excited by the research and development programmes that we are party to. Our work with both FSubsea and with the University of Edinburgh demonstrate our ability to work in partnership with some of the work's finest engineers to deliver technological advances that are likely to have very tangible benefits to their respective sectors."
Hayward Tyler Group plc +44 (0)1582 731 144
Ewan Lloyd-Baker, CEO
Nick Flanagan, CFO
FinnCap Limited, NOMAD and Broker +44 (0)20 7220 0500
Matt Goode / Emily Watts, Corporate Finance
Tim Redfern / Tony Quirke, Corporate Broking
Buchanan Communications, Financial PR +44(0)207 466 5000
Charles Ryland
Chris Judd
About Hayward Tyler Group plc
· The Company consists of the Hayward Tyler and Peter Brotherhood engineering businesses, together providing 350 years of engineering experience, heritage and pedigree.
· The Hayward Tyler business is a market leader in the design, manufacture and servicing of performance-critical motors and pumps for the harshest of environments.
· The Peter Brotherhood business is a market leader in the design, manufacture and servicing of performance-critical steam turbines, compressors, gear boxes and combined heat and power systems.
· The Company services the Power, Oil & Gas, Nuclear, Process, Renewables and Marine markets, via its 500-strong workforce, from 7 sites strategically located across the globe.
"Publication on Website
A copy of this announcement will be made available, subject to certain restrictions relating to persons resident in restricted jurisdictions, at http://htg.global/investor-relations/takeover-code-requirements/ no later than 12.00 noon (London time) on 19 May 2017 (being the business day following the date of this announcement) in accordance with Rule 26.1(a) of the Code. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement."