Hardide PLC Re Agreement (3875D)
29 April 2013 - 8:00AM
UK Regulatory
TIDMHDD
RNS Number : 3875D
Hardide PLC
29 April 2013
Press Release 29 April 2013
Hardide plc
("Hardide" or "the Group" or "the Company")
Re Agreement
Hardide plc (AIM: HDD), the provider of advanced surface coating
technology, is pleased to announce a supply agreement involving a
next-generation superabrasive coating technology that is covered by
new UK & overseas patent applications.
This new superabrasive coating will enable drilling tools to
operate at peak performance in highly abrasive environments where
current technologies fail. The Company has signed a mutually
exclusive five-year supply agreement for its use in oil & gas
applications with hardfacing specialists Cutting & Wear
Resistant Developments Limited of Sheffield. This is an addition to
the latter's range of hardfacing materials.
This advanced superabrasive material will reduce wear and
improve the performance of downhole tools used in the oil and gas
industry as well as tools for other industries such as mining,
mineral extraction and construction. Improved tool performance
reduces costly downtime which can be particularly expensive for
offshore drilling, as well as for directional and horizontal
drilling operations.
The exclusivity in the agreement is dependent on yearly minimum
volumes being purchased by Cutting & Wear over the five-year
period. The agreement includes the establishment of new
manufacturing facilities at Hardide's plant in Bicester,
Oxfordshire where production scale quantities have already been
produced and sold.
Philip Kirkham, CEO of Hardide plc said: "This is a major step
forward in coating technology and hardfacing materials. This is
also a potentially game-changing breakthrough for Hardide as we
will be the only producer of this type of advanced superabrasive
coating. We believe the market opportunities to be extensive as the
need for hardfaced tools intensifies as the oil and gas industry
explores in ever more remote and challenging areas with deeper and
more demanding drilling conditions. We also see opportunities for
this new coating extending into mining, construction and other
extractive industries."
The coating production process is being developed with the
support of a Technology Strategy Board 'Smart' grant which was
awarded in January 2013.
Ends
For further information:
Hardide plc
Philip Kirkham, CEO Tel: +44 (0) 1869 353830
Jackie Robinson, Communications Manager www.hardide.com
N+1 Singer Tel: +44 (0) 207 496 3000
Andrew Craig/Ben Wright www.n1singer.com
Note to editors
Hardide Coatings develops, manufactures and applies tungsten
carbide-based coatings to a wide range of engineering components.
The Group's patented technology is unique in that it combines
abrasion, erosion and corrosion resistant properties in one
coating. When applied to metal components, the technology is proven
to offer dramatic cost savings through reduced downtime and
extended part life. Customers include leading companies operating
in oil and gas exploration and production, valve and pumps
manufacturing, general engineering and aerospace.
Cutting & Wear are specialists in downhole tool engineering
and hardfacing for the international oil and gas industry. The
company supplies hardfacing to a global network of customers in 50
countries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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