28 Jun 2012 07:00
28 June 2012
CORAC GROUP PLC
Corac Energy Technologies Update
Global Oil & Gas Major Signs Design Study Agreement
Corac Group plc ("Corac") the innovative technology-led engineering group, serving the global oil and gas, defence and industrial markets is pleased to announce that its subsidiary company Corac Energy Technologies Ltd. (CET) has concluded a new agreement with a global oil and gas major to conduct a funded design study. This will focus on the use of CET's compact compressor technology on an offshore gas production platform and is the first project undertaken for this new client.
The project will build upon CET's existing compressor and power electronics technologies to define a system that meets the specific challenges of offshore platforms, which include weight, size and power availability, and, access for maintenance on unmanned platforms. CET's technology is well suited to address these challenges. This project will define a suitable compressor arrangement and predict the performance gains to support the future build of a generic platform-mounted compressor system.
Phil Cartmell, Executive Chairman, said:
"We are excited by the excellent advances being made by CET to expand its portfolio of applications across the energy and industrial sectors. It is also encouraging to see a new global energy major endorse the potential of CET's technologies. If successful, the opportunities for platform compression systems are very attractive, both for Corac and our partner.
"This is further evidence of the strong pipeline for CET's gas compression applications, alongside the renewed interest in industrial compressor solutions, derived from a diverse group of global energy and industrial engineering companies."
ENDS
For further information please contact:
Corac Group plc | www.corac.co.uk |
Phil Cartmell, Executive Chairman | 01753 285 800 |
Mark Crawford, Group Managing Director and Chief Financial Officer | |
Cenkos | |
Ivonne Cantú - 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 UK based group of advanced technology and engineering companies that produces diverse and valuable solutions in compression systems, atmosphere control and heat exchangers for government, energy and industrial users. It has traded shares on the London Alternative Investment Market (AIM) since July 2001.