Energy Recovery: Slips on terminating licensing deal with Schlumberger

Energy Recovery

30/06/2020 12:20

** Shares of energy equipment maker  ERII.O  down ~14% at
$7.7 in low volume premarket 
    ** Co on Monday after market hours announced agreement with
Schlumberger  SLB.N  to exit a 15-year licensing deal which
allowed the oilfield services major exclusive use of ERII's
VorTeq hydraulic pumping system  urn:newsml:reuters.com:*:nACS3mDZka
    ** Under the new deal, no further payments are to be made by
either party
    ** ERII will now be fully responsible for commercialization
of its VorTeq technology globally
    ** The technology ensures that high-pressure pumps handle
water and not abrasive materials which protects pumps from
erosion 
    ** Stock down ~9% YTD as of last close

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))