REG - Hunting PLC - Collaboration Agreement with CRA-Tubulars BV

HuntingAnnouncement

13/07/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230713:nRSM8408Fa&default-theme=true

RNS Number : 8408F  Hunting PLC  13 July 2023

 For Immediate Release  13 July 2023

 

 

Hunting PLC

 

("Hunting" or "the Company" or "the Group")

 

Collaboration Agreement with CRA-Tubulars BV

 

Hunting PLC (LSE:HTG), the global engineering group, today announces that it
has entered into a collaboration agreement with CRA-Tubulars BV ("CRA") to
develop mutual energy transition market opportunities in North America.

 

The agreement provides Hunting with access to CRA's novel Titanium Composite
Tubing ("TCT") technology and will utilise the Group's Oil Country Tubular
Goods ("OCTG") connection technology to target Carbon Capture, Utilisation and
Storage ("CCUS") and traditional corrosion resistant OCTG applications.

 

About CRA and Titanium Composite Tubing technology

 

CRA's highly experienced team have developed a novel tubular technology for
the upstream oil and gas industry and is believed to be an enabling technology
to accelerate carbon dioxide ("CO(2)") sequestration projects around the
globe.

 

With its lightweight and superior anti-corrosion performance, TCT is a game
changer technology for production and injection wells in highly corrosive
environments. Customers can anticipate a host of benefits from this
collaboration, specifically in the North American CCUS industry.

 

 ·           CRA's TCT technology offers superior corrosion resistance, handling the
             challenges of carbon dioxide corrosion and hydrogen sulphide. Unlike typical
             metallic corrosion-resistant alloys, TCT is made from aerospace grade Carbon
             Fibre and Titanium, which outperforms in cryogenic low-temperature
             environments found in CO(2) injection wells, avoiding embrittlement and
             cracking issues.
 ·           With a design built to last the entire lifespan of the well, TCT de-risks
             downhole tubing integrity challenges, associated with the level of water and
             other contaminants that remain in the CO(2) injection stream after the
             filtering process or migrate into the well from the reservoir, resulting in
             substantial Capex and Opex cost savings for CCUS operators.

 

TCT technology is being assessed by a number of leading Operators and in 2022
was recognised in the Shell Game-Changer program. TCT technology is also
covered by a number of patents held by CRA.

 

Agreement with Hunting

 

Hunting has signed a collaboration agreement with CRA, which extends for an
initial five-year period and provides exclusive TCT marketing, distribution
and manufacturing rights in the North America region for application to the
oil and gas and CCUS markets.

 

CRA will provide its TCT technology to Hunting including the option of
utilising their titanium grade hydraulic premium concentric threaded
connectors. Under the agreement, Hunting also offers end users the option of
deploying this novel composite tubing solution with conventional OCTG premium
connection technology, including the Company's proprietary SEAL-LOCK™ family
of connections. The Company will pursue commercial development and project
trials of TCT, leveraging Hunting's strong presence in the OCTG supply chain,
where the Company is the leading independent supplier of OCTG connection
technology.

 

Commenting on the collaboration agreement, Jim Johnson, Chief Executive of
Hunting, said:

 

"CRA's technology has the potential to disrupt the CCUS industry. Combining
Hunting's expertise in OCTG, titanium alloy products and connection technology
with this novel engineered tubular solution, has the potential to solve the
corrosion and cryogenic temperature issues that challenge CO(2) storage well
design construction. We are excited by the prospects of this collaboration, as
Hunting increases its presence in this important and fast growing market."

 

Joost DeBakker, Chief Executive Officer of CRA-Tubulars, added:

 

"This collaboration is an exciting milestone for both CRA-Tubulars and
Hunting. Together, we will deliver unmatched value to our customers through
innovative solutions and exceptional service. Our combined strengths will
drive industry advancement and set new benchmarks for excellence."

 

Sean O'Shea, Hunting's Director of Energy Transition, further added:

 

"We are thrilled to partner with CRA-Tubulars to create a powerful synergy in
the market. By aligning our marketing efforts, we will be better positioned to
serve our customers, drive innovation, and contribute to the growth of the
CCUS industry. This collaboration is a testament to our shared commitment to
delivering excellence."

 

For further information please contact:

 

 Hunting PLC                        Tel: +44 (0) 20 7321 0123

 Jim Johnson, Chief Executive

 Bruce Ferguson, Finance Director

 lon.ir@hunting-intl.com

 Buchanan                           Tel: +44 (0) 20 7466 5000

 Ben Romney

 

Notes to Editors:

 

About Hunting PLC

 

Hunting PLC is a global engineering group that provides precision-manufactured
equipment and premium services, which add value for customers. Established in
1874, it is a premium listed public company traded on the London Stock
Exchange. The Company maintains a corporate office in Houston and is
headquartered in London. As well as the United Kingdom, the Company has
operations in Canada, China, Indonesia, Mexico, Netherlands, Norway, Saudi
Arabia, Singapore, United Arab Emirates and the United States of America.

 

Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGRELLFFXDLLBBD