PressureTechnologies - Contract
06/02/2023 07:00
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RNS Number : 9416O Pressure Technologies PLC 06 February 2023
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation (2014/596) which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, ("MAR"), and is disclosed in accordance
with the Company's obligations under Article 17 of MAR. Upon the
publication of this announcement via a Regulatory Information Service, this
inside information will be considered to be in the public domain.
Pressure Technologies plc
("Pressure Technologies" or the "Company")
Contract Placement
Pressure Technologies (AIM: PRES), the specialist engineering group, is
pleased to announce that its wholly owned subsidiary, Chesterfield Special
Cylinders (CSC), has been awarded a major contract to supply air pressure
vessels for a major UK naval new construction programme.
Contract placement for pressure vessel manufacturing for the final phase of
the programme is worth £18.2 million for CSC, underpinning current market
expectations. Progress has commenced against early contract milestones and
pressure vessels will be delivered to the programme over the next three
years.
Pressure vessels manufactured by CSC form an integral part of safety-critical
onboard systems, including breathing air and ballasting.
Chris Walters, Chief Executive of Pressure Technologies commented:
"I am delighted to confirm this major contract award for Chesterfield Special
Cylinders to deliver pressure vessels for a major UK naval new construction
programme.
Underpinning the strong defence order book and outlook for the Group in FY23,
the contract award demonstrates the continued close collaboration with our
major defence customers and recognises the specialised engineering and
manufacturing capabilities of Chesterfield Special Cylinders."
The person responsible for arranging the release of this announcement on
behalf of Company is Chris Walters, Chief Executive.
Enquiries:
Pressure Technologies plc Tel: 0330 015 0710
Chris Walters, Chief Executive PressureTechnologies@houston.co.uk
Singer Capital Markets (Nomad and Broker) Tel: 0207 496 3000
Rick Thompson / Asha Chotai
Houston (Financial PR and Investor Relations) Tel: 0204 529 0549
Kay Larsen / Ben Robinson
Company Description:
www.pressuretechnologies.com (http://www.pressuretechnologies.com)
With its head office in Sheffield, the Pressure Technologies Group was founded
on its leading market position as a designer and manufacturer of
high-integrity, safety-critical components and systems serving global supply
chains in oil and gas, defence, industrial and hydrogen energy markets.
The Group has two divisions, Chesterfield Special Cylinders and Precision
Machined Components.
Chesterfield Special Cylinders (CSC) - www.chesterfieldcylinders.com
● Chesterfield Special Cylinders, Sheffield, includes CSC Deutschland
GmbH
Precision Machined Components (PMC) - www.pt-pmc.com
● Precision Machined Components includes the Al-Met, Roota Engineering
and Martract sites
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