Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Graphene Nanochem wins US$28mln order for new drilling fluid

The deal came through the firm’s tie-up with the drilling fluids specialist Scomi Oiltools and deliveries should begin in the fourth quarter.
Graphene Nanochem wins US$28mln order for new drilling fluid
PlatDrill is a smart fluid that is environmentally friendly, biodegradable and less toxic that competitor products.

Graphene NanoChem (LON:GRPH) has won an order for its PlatDrill Series drilling fluid worth US$28mln – which is just under two-thirds of AIM-listed group’s current market capitalisation.

Details in today’s announcement were scant, though the company did say the contract was with a national oil company. 

The deal came through the firm’s tie-up with the drilling fluids specialist Scomi Oiltools and deliveries should begin in the fourth quarter.

Graphene NanoChem describes PlatDrill as a smart fluid that is environmentally friendly, biodegradable and less toxic that competitor products.

Chief executive Jespal Deol said: "The tender award gives us excellent revenue visibility going forward and we are excited by the market opportunities before us.

“Our product has been proven to enhance drilling efficiency and to reduce costs and through our strong partnership with the Scomi, the group is starting to convert opportunities into revenues as we continue to progress in our market penetration.”

Ian_55ae0ddd437b7.jpg
Why Invest In Graphene NanoChem plc? Read More Here

Register here to be notified of future GRPH Company articles
View full GRPH profile

Graphene NanoChem plc Timeline

Newswire
September 17 2015

Related Articles

rsz_shutterstock_257673274.jpg
January 26 2016
Investment firm Tern says the pace of growth is increasing in its portfolio of companies as it revealed an increase in total assets at the end of 2015.
Three Photo-Me brand photobooths lined up
June 21 2016
"The business has made strong progress against a global economic backdrop that has been challenging”
Tekcapital-Invention-Discovery-Network-(IDN)-June-2015_opt.jpg
January 02 2016
The firm has established connections with more than 4,000 universities in 160 countries enabling it to capture all of the intellectual property available

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.