13 Nov 2013 07:00
13 November 2013
CORAC GROUP PLC
("Corac" or the "Group")
Corac Energy Technologies receives follow-on order from BP Trinidad & Tobago LLC for platform compression project
Corac Group plc is pleased to announce that its subsidiary Corac Energy Technologies (CET) has received a further order from BP Trinidad & Tobago LLC (BPTT) to complete the design and engineering phase of the project to develop a compact gas compressor for deployment on an offshore production platform.
This order, worth approximately $1.4m, was placed under the Master Services Agreement announced 8 July 2013, and brings the total value secured on this project to date to $2m. On concluding this phase in early 2014, CET expects to progress to system build and testing which will be covered by further orders.
Corac Group Chief Executive Phil Cartmell commented:
"We are very pleased to have received this order to conclude the design activity, continuing this exciting partnership with BP. The prospects for platform compression are very attractive, and progress so far in this area is most encouraging."
Ends
For further information please contact:
Corac Group plc | www.corac.co.uk |
Phil Cartmell, Chief Executive Officer | 01753 285 800 |
Jon Carter, Chief Financial Officer | |
Cenkos | |
Ivonne Cantú / Elizabeth Bowman - Nomad | 020 7397 8980 |
Jeremy Warner-Allen - Sales | |
MHP Communications | 020 3128 8100 |
Reg Hoare / Vicky Watkins / Naomi Lane |
NOTES TO EDITORS
Corac is a group of innovative UK based engineering companies, active in energy and environmental technologies. Group companies produce valuable solutions in compression systems, atmosphere management and heat exchangers for government, energy and industrial users. It has traded shares on the London Alternative Investment Market (AIM) since July 2001.