PressureTechnologies - Major Contract Placement
24/10/2024 07:00
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RNS Number : 3746J Pressure Technologies PLC 24 October 2024
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24 October 2024
Pressure Technologies plc
("Pressure Technologies" or "the Group")
Major Contract Placement
Pressure Technologies plc (AIM: PRES), the specialist engineering group, is
pleased to announce that Chesterfield Special Cylinders ("CSC"), its wholly
owned subsidiary, has been awarded a major contract to supply air pressure
vessels to the Royal Canadian Navy's River class destroyer programme.
The £2.8 million contract award by Canadian shipbuilder Irving Shipbuilding
Inc. covers the first three ships in the fifteen-ship programme and underpins
the expected global defence order book development for CSC in FY25. Initial
manufacturing milestones will commence in May 2025 and pressure vessels for
the first three ships will be delivered to the programme over the next 5
years.
Irving Shipbuilding Inc. will build the fifteen River class destroyers to
replace existing Halifax class frigates in the Canadian fleet. The new
construction programme is an important part of Canada's National Shipbuilding
Strategy and is the largest, most complex shipbuilding programme in Canadian
history.
The River class destroyer is based on the established Type 26 Global Combat
Ship platform, currently under construction for the UK's Royal Navy and the
Royal Australian Navy. The ships will form the backbone of Canada's future
naval combat capability. Air pressure vessels supplied by CSC will form an
integral part of safety-critical onboard systems.
Chris Walters, Chief Executive of Pressure Technologies, commented:
"I am delighted to confirm this £2.8 million contract award for Chesterfield
Special Cylinders to deliver pressure vessels for the Royal Canadian Navy's
River class destroyer programme, working closely with Irving Shipbuilding and
supporting the Canadian National Shipbuilding Strategy.
This major contract award underpins our global defence order book in FY25 and
further demonstrates the role played by the specialised engineering and
manufacturing capabilities of Chesterfield Special Cylinders in naval new
construction programmes globally."
Additional Information
The person responsible for arranging release of this announcement on behalf of
the Company is Chris Walters, Chief Executive.
For further information, please contact:
Pressure Technologies plc Tel: 0333 015 0710
Chris Walters, Chief Executive company.secretary@pressuretechnologies.co.uk
Steve Hammell, Chief Financial Officer
Singer Capital Markets Tel: 0207 496 3000
(Nomad and Broker)
Rick Thompson / Asha Chotai
COMPANY DESCRIPTION
www.pressuretechnologies.com (http://www.pressuretechnologies.com/)
Pressure Technologies plc is based in Sheffield and operates through its
wholly subsidiary Chesterfield Special Cylinders ("CSC"). CSC is a market
leading designer, manufacturer and provider of safety-critical, high-pressure
containment products and services to a global customer base in the defence,
hydrogen energy, oil & gas and industrial markets. For more information on
CSC, please visit www.chesterfieldcylinders.com
(http://www.chesterfieldcylinders.com)
For further information on the Royal Canadian Navy's River class destroyer
programme and Irving Shipbuilding:
●
www.canada.ca/en/navy/corporate/fleet-units/surface/river-class-destroyer.html
(http://www.canada.ca/en/navy/corporate/fleet-units/surface/river-class-destroyer.html)
● https://shipsforcanada.ca/ (https://shipsforcanada.ca/)
Library image of River class destroyer.
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