Hunting PLC Strengthens Partnership for Titanium Tube Innovation

Author: Addison Perry Updated: 09-19-2024 03:29 AM

Hunting PLC Announces Partnership Expansion with CRA Tubulars

LONDON--Hunting PLC (LSE:HTG), a leader in precision engineering, is thrilled to reveal a significant expansion of its strategic partnership with CRA Tubulars B.V., a pioneering firm in advanced composite tubing technology based in the Netherlands. This enhanced collaboration reflects the dedication of both organizations to innovate and commercialize Titanium Composite Tubing (TCT) technology, integral to Hunting’s ambitions in energy transition sectors, particularly in carbon capture and storage.

Advancements through TCT Technology

The TCT technology presents numerous advantages in well design and operational performance for users, outperforming traditional corrosion-resistant alloy tubing. This advancement is critical for applications involving carbon dioxide storage wells and highly corrosive environments typically encountered in oil and gas well completions.

Financial Investment and Market Expansion

In a pivotal move earlier in the year, Hunting invested strategically in CRA to bolster the progression and market entry of TCT technology. This partnership is poised to cover an extensive territory across Europe, including all EU member nations, the UK, along with other locales such as Iceland, Norway, and Switzerland. Such a broad territorial scope enhances the ability of both Hunting and CRA to push TCT into new markets and capture additional clientele across the European arena.

Supporting Technological Development

Beyond financial backing, Hunting is committed to providing CRA with essential technical support. This includes the option to utilize Hunting's proven premium connection technology for TCT pipelines, comprehensive engineering insights, laboratory testing support, and expertise in establishing a robust quality management framework. Hunting is also geared to bolster CRA's marketing initiatives within Europe and North America, expediting the widespread acceptance and utilization of TCT technology.

Commitment to Successful Development

The reinforcement of this collaboration stems from their initial agreement laid out in July 2023, solidifying a mutual commitment towards the successful development and commercialization of TCT technology. This synergy aims not only to enhance operational capabilities for various industries but also to contribute significantly to sustainability goals through improved technology.

About Hunting PLC

Hunting PLC stands as a distinguished global precision engineering group specializing in the provision of high-quality equipment and superior services that generate value for clientele. 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 situated in Houston, Hunting maintains a vast operational footprint across various 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 Asia Pacific. Additionally, Hunting outlines 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 focus of Hunting PLC's expansion with CRA Tubulars?

The primary aim is to advance the development and commercialization of Titanium Composite Tubing technology, enhancing capabilities in energy transition markets.

How does TCT technology benefit operators?

TCT technology provides superior performance and well design benefits compared to traditional materials, particularly for challenging applications like carbon dioxide storage.

What regions are covered by the expanded partnership?

The partnership will cover all EU member states, the UK, Iceland, Norway, Switzerland, and North America.

What kind of support will Hunting provide to CRA?

Hunting will offer financial investment, technical support, and assist in marketing efforts to promote TCT technology adoption.

When was the original agreement between Hunting and CRA announced?

The original agreement was established in July 2023, leading to this recent expansion of their collaboration.

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