8 Jul 2013 07:00
8th July 2013
CORAC GROUP PLC
("Corac" or the "Group")
Corac Energy Technologies signs Master Service Agreement with BP Trinidad and Tobago LLC
Corac Group plc, a group of innovative UK based engineering companies, active in energy and environmental technologies, is pleased to announce that its subsidiary Corac Energy Technologies (CET) has signed a Master Services Agreement with BP Trinidad and Tobago LLC (BPTT). This five year agreement provides pre-agreed commercial terms to facilitate BP's procurement of development, production, testing and installation of compact gas compression systems.
The agreement builds upon successful feasibility work carried out for a system to be deployed on an offshore gas production platform operated by BPTT, the agreement for which was announced on 28 June 2012.
The compression systems will use much of CET's core technology with the addition of some established subsystems provided by supply side partners. Using high performance permanent magnet motors with frictionless bearings, the systems will be compact, lightweight and low maintenance. This makes them very suitable for use on remote and unmanned production platforms.
Phil Cartmell, Chief Executive of Corac Group commented:
"We are delighted to conclude this significant trading agreement with BPTT, as there are many locations worldwide in which they could apply these technologies in the future.
"Within this framework, we look forward to continuing to work with the team in Trinidad and Tobago on the first system to be deployed offshore.
"This agreement is further evidence of the progress we are making with Corac's core technology programmes."
Ends
For further information please contact:
Corac Group plc | www.corac.co.uk |
Phil Cartmell, Chief Executive Officer | 01753 285 800 |
Mark Crawford, Chief Financial Officer |
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Cenkos |
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Ivonne Cantú / Elizabeth Bowman - Nomad | 020 7397 8980 |
Jeremy Warner-Allen - Sales |
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MHP Communications | 020 3128 8100 |
Reg Hoare / Vicky Watkins / Naomi Lane |
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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.