Hunting PLC Expands Partnership with CRA Tubulars
LONDON--Hunting PLC (LSE:HTG), a prominent name in precision engineering, is excited to announce a significant expansion of its partnership with CRA Tubulars B.V., an innovative company in advanced composite tubing technology based in the Netherlands. This enhanced collaboration demonstrates the commitment both companies have to developing and commercializing Titanium Composite Tubing (TCT) technology, which is crucial for Hunting's aims in renewable energy sectors, especially in carbon capture and storage.
Benefits of TCT Technology
TCT technology offers several advantages in well design and operational efficiency that surpass those of traditional corrosion-resistant alloy tubing. This improvement is vital for applications involving carbon dioxide storage wells and the highly corrosive environments often faced during oil and gas well completions.
Investment and Market Reach
Earlier this year, Hunting made a strategic investment in CRA, aimed at accelerating the development and market introduction of TCT technology. This partnership will have a significant reach across Europe, which includes all EU member states, the UK, and additional areas such as Iceland, Norway, and Switzerland. This extensive geographical coverage enables both Hunting and CRA to introduce TCT into new markets and attract more clients across Europe.
Fostering Technological Growth
In addition to financial support, Hunting is dedicated to providing CRA with vital technical assistance. This support entails allowing CRA to utilize Hunting's established premium connection technology for TCT pipelines, comprehensive engineering advice, laboratory testing services, and guidance in building a solid quality management framework. Moreover, Hunting is prepared to enhance CRA's marketing efforts in Europe and North America, facilitating the widespread adoption and use of TCT technology.
Dedication to Successful Progress
The strengthening of this partnership stems from their initial agreement reached in July 2023, which solidified their shared commitment to successfully developing and commercializing TCT technology. This collaboration aims to boost operational effectiveness across several industries while also making a substantial contribution to sustainability efforts through advanced technology.
About Hunting PLC
Hunting PLC is a respected global precision engineering group that specializes in delivering high-quality equipment and exceptional services to create value for its clients. Founded in 1874, the company is publicly traded on the London Stock Exchange under the Equity Shares in Commercial Companies (“ESCC”) category. With its headquarters in London and a corporate office in Houston, Hunting has a wide operational presence in several countries, including China, India, Indonesia, Mexico, the Netherlands, Norway, Saudi Arabia, Singapore, the United Arab Emirates, and the United States.
The Group reports its operations in US dollars, categorized into five segments: Hunting Titan, North America, Subsea Technologies, Europe, the Middle East, and Africa (EMEA), alongside the Asia Pacific. Additionally, Hunting details its revenue and EBITDA metrics across five product categories: OCTG, Perforating Systems, Subsea, Advanced Manufacturing, and Other Manufacturing.
Hunting PLC’s Legal Entity Identifier is 2138008S5FL78ITZRN66.
Frequently Asked Questions
What is the main goal of Hunting PLC's expanded partnership with CRA Tubulars?
The main objective is to further develop and commercialize Titanium Composite Tubing technology, enhancing capabilities in the energy transition sector.
How does TCT technology benefit operators in the field?
TCT technology delivers superior performance and design advantages over traditional materials, particularly in challenging areas like carbon dioxide storage.
Which regions are included in the expanded partnership?
The partnership's coverage includes all EU member states, the UK, Iceland, Norway, Switzerland, as well as North America.
What type of support will Hunting provide to CRA Tubulars?
Hunting will provide financial investment, technical assistance, and help in marketing efforts to promote the adoption of TCT technology.
When was the initial agreement between Hunting and CRA Tubulars first announced?
The original agreement was announced in July 2023, which laid the groundwork for the recent expansion of their collaboration.
