Last checked at 13 Jul 2023 07:00
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 ("CO2") 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 CO2 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 CO2 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™ 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 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."
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 Jim Johnson, Chief Executive Bruce Ferguson, Finance Director
lon.ir@hunting-intl.com
| Tel: +44 (0) 20 7321 0123
|
Buchanan Ben Romney | Tel: +44 (0) 20 7466 5000 |
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.