Last checked at 8 Sep 2008 07:00
OVERSEAS NAVAL CONTRACT WIN
Pressure Technologies plc ("Pressure Technologies" or the "Company"), the designer, manufacturer and re-tester of speciality high pressure, seamless steel gas cylinders for the global energy and defence markets, is pleased to announce that its wholly owned subsidiary, Chesterfield Special Cylinders Ltd ("CSC"), has won a long-term contract to design and supply high-pressure air cylinders for the French Navy's Barracuda submarine programme.
The order, which is expected to generate revenue of approximately £3 million over seven years commencing in 2010, was placed by DCN, the French naval submarine and ship builder. CSC will supply cylinders for back up breathing and operational systems for four boats, which are scheduled to be built over the period 2013 to 2022. DCN has an option to purchase a further two sets for delivery at a later date.
John Hayward, Chief Executive of Pressure Technologies, said: "CSC has considerable experience and skills in this sector, designing, supplying high pressure air cylinders in both the British Navy's Trident and Astute submarine fleets. This contract for the French Navy was won following lengthy commercial and technical negotiations and, using those skills, teams from both parties were able to arrive at the optimal engineering solution which satisfied all the Barracuda's operational requirements.
"We believe that this contract, our second for French submarines, further enhances CSC's claim to be the world leader in the design and supply of high-pressure gas containment equipment to the naval marine sector."
For further information, please contact:
Pressure Technologies plc Tel: 0114 242 7500
John Hayward, Chief Executive www.pressuretechnologies.co.uk
Rawlings Financial PR Limited Tel: 01653 618 016
Catriona Valentine www.rawlingsfinancial.co.uk
Brewin Dolphin Investment Banking Tel: 0845 213 4730
Neil Baldwin
Sean Wyndham-Quin
Company description:
Pressure Technologies is the holding company for Chesterfield Special Cylinders Limited ("CSC"). CSC designs, manufactures and offers retesting and refurbishment services for a range of speciality high pressure, seamless steel gas cylinders for global energy and defence markets. The business has been conducted under the "Chesterfield" brand which is a long established name in the cylinders and specialised pressure vessel market.
Based at Meadowhall, Sheffield, the Group's vision is to grow the business through a mixture of organic growth, diversification and the acquisition of complementary businesses to achieve a £40 million turnover business within five years of the June 2007 flotation on AIM.