EDMONTON, AB, Oct. 3, 2024
/CNW/ - McCoy Global Inc. ("McCoy," "McCoy Global" or "the
Corporation") (TSX: MCB) today announced the acceptance of a
contract award totaling CAD$4.3
million for several enhanced smart casing running tools
(smartCRT™s) destined for the Middle
East market. Delivery of the tools is expected to begin in
the fourth quarter of 2024.
"Recent trends in the CRT market presented an opportunity for
McCoy to challenge our Technology team to expedite the development
of our enhanced smartCRT™ to meet these market requirements,"
said Jim Rakievich, President &
CEO. "This enhanced technology is fully ready to integrate into our
smarTR™ system and represents an important milestone on our
journey towards automating tubular running services. Our unique,
patented solution is an additional enhancement to our smart product
suite, providing safe and efficient solutions in the tubular
running market. We are eager to officially launch the tool at the
Abu Dhabi International Petroleum Exhibition and Conference
(ADIPEC) in November of this year."
In the first quarter of 2024, National Oil Companies (NOCs) and
major operators in certain key regions announced new Casing Running
Tool (CRT) requirements for future contract tender awards,
impacting the CRT market in these regions. While the new
requirements have hampered order intake for McCoy's CRTs throughout
much of 2024, McCoy's enhanced smartCRT™ will not only address
the new contract requirements, but also offer an intelligent,
connected enhancement to conventional casing running tools
available today. This tool provides superior safety, efficiency and
simplified operating procedures along with real-time data
collection and analysis capabilities. This technology mitigates the
risk of conventional CRT, while providing actionable insights that
optimize future performance. We anticipate that new tool
enhancement will provide McCoy with a competitive advantage going
forward.
About McCoy Global Inc.
McCoy Global is transforming well construction using automation
and machine learning to maximize wellbore integrity and collect
precise connection data critical to the global energy industry. The
Corporation has offices in Canada,
the United States of America, and
the United Arab Emirates and
operates internationally in more than 50 countries through a
combination of direct sales and key distributors.
Throughout McCoy's 110-year history, it has proudly called
Edmonton, Alberta, Canada its
corporate headquarters. The Corporation's shares are listed on the
Toronto Stock Exchange and trade under the symbol "MCB".
Forward-Looking Information
This News Release contains forward looking statements and
forward looking information (collectively referred to herein as
"forward looking statements") within the meaning of applicable
Canadian securities laws. All statements other than statements of
present or historical fact are forward looking statements. Forward
looking information is often, but not always, identified by the use
of words such as "could", "should", "can", "anticipate", "expect",
"objective", "ongoing", "believe", "will", "may", "projected",
"plan", "sustain", "continues", "strategy", "potential",
"projects", "grow", "take advantage", "estimate", "well positioned"
or similar words suggesting future outcomes. This New Release
contains forward looking statements respecting the business
opportunities for the Corporation that are based on the views of
management of the Corporation and current and anticipated market
conditions; and the perceived benefits of the growth strategy and
operating strategy of the Corporation are based upon the financial
and operating attributes of the Corporation as at the date hereof,
as well as the anticipated operating and financial results. Forward
looking statements regarding the Corporation are based on certain
key expectations and assumptions of the Corporation concerning
anticipated financial performance, business prospects, strategies,
the sufficiency of budgeted capital expenditures in carrying out
planned activities, the availability and cost of labour and
services and the ability to obtain financing on acceptable terms,
which are subject to change based on market conditions and
potential timing delays. Although management of the Corporation
consider these assumptions to be reasonable based on information
currently available to them, they may prove to be incorrect. By
their very nature, forward looking statements involve inherent
risks and uncertainties (both general and specific) and risks that
forward looking statements will not be achieved. Undue reliance
should not be placed on forward looking statements, as a number of
important factors could cause the actual results to differ
materially from the beliefs, plans, objectives, expectations,
anticipations, estimates and intentions expressed in the forward
looking statements, including inability to meet current and future
obligations; inability to complete or effectively integrate
strategic acquisitions; inability to implement the Corporation's
business strategy effectively; access to capital markets;
fluctuations in oil and gas prices; fluctuations in capital
expenditures of the Corporation's target market; competition for,
among other things, labour, capital, materials and customers;
interest and currency exchange rates; technological developments;
global political and economic conditions; global natural disasters
or disease; and inability to attract and retain key personnel.
Readers are cautioned that the foregoing list is not exhaustive.
The reader is further cautioned that the preparation of financial
statements in accordance with IFRS requires management to make
certain judgments and estimates that affect the reported amounts of
assets, liabilities, revenues and expenses. These judgments and
estimates may change, having either a negative or positive effect
on net earnings as further information becomes available, and as
the economic environment changes. The information contained in this
News Release identifies additional factors that could affect the
operating results and performance of the Corporation. We urge you
to carefully consider those factors. The forward looking statements
contained herein are expressly qualified in their entirety by this
cautionary statement. The forward looking statements included in
this News Release are made as of the date of this New Release and
the Corporation does not undertake and is not obligated to publicly
update such forward looking statements to reflect new information,
subsequent events or otherwise unless so required by applicable
securities laws.
SOURCE McCoy Global