Hardide (AIM: HDD), the developer and provider of advanced surface coating technology, is pleased to announce that it has recently received major orders to coat components for a relatively new American multinational oil and gas customer. The orders are worth US$850k (approximately £670k) and are part of the supply agreement previously announced.
Due to the expected timing of the components being received by the Company, not all of this order value is expected to be recognised in the current financial year. However, these orders support the Directors' confidence that expectations will be met for the current financial year to 30 September 2019 and they provide a solid foundation for the following financial year.
The orders will be fulfilled from the Company's coating facility in Martinsville, USA, and follows the decision by the Board last year to invest in increased coating capacity and a larger pre-treatment line at the Martinsville site.
Philip Kirkham, CEO of Hardide plc, commented: "We are very pleased to receive these further orders of significant value from this relatively new customer. Our recent investment in capacity at our Martinsville site means that we are able to produce the orders in the US for this US customer.
"This application of the Hardide coating improves the performance of a critical component downhole, enabling the customer to produce hydrocarbons for longer periods of time. Considerable technical challenges were overcome in order to coat this complex part and this has created a new capability for the Hardide coating and is expected to lead to new applications in the oil and gas and other industries."
Robert Goddard, Non-Executive Chairman
Philip Kirkham, CEO
Jackie Robinson, Communications Manager
Tel: +44 (0) 1869 353 830
Graham Herring / Heather Armstrong / Florence Chandler
Hardide develops, manufactures and applies advanced technology tungsten-carbide coatings to a wide range of engineering components. Its patented technology is unique in combining in one material, a mix oftoughnessandresistancetoabrasion,erosionandcorrosion;togetherwiththeabilitytocoataccurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency. Customers include leading companies operating in oil and gas exploration and production, valve and pump manufacturing, precision engineering and aerospaceindustries.
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