Corac's subsidiary ACI secures multi-million pound international submarine project

RNS Number: 6871O
Corac Group Plc
16 October 2012

Tuesday 16 October 2012

CORAC GROUP PLC

("Corac" or the "Group")

Corac's subsidiary ACI secures multi-million pound international submarine project

Corac is pleased to announce that its subsidiary, Atmosphere Control International (ACI) has finalised contractual discussions with DCNS, the French naval shipbuilder and supplier of the national submarine programme, for the supply of oxygen production plants for the second and third boats in the Barracuda class programme.

This multi-million pound, five year contract within an existing framework agreement gives ACI strong visibility of build and maintenance revenues.  The Barracuda programme has a further three boats on the horizon with options within the framework agreement for ACI to supply systems for these over the next ten years.

The oxygen plants to be supplied under this contract build on ACI's market leading equipment in service in a number of national programmes.  It provides long term business activity for the ACI team in Portsmouth to continue the supply of original equipment plus on-going maintenance and refurbishment and is a very encouraging trend for future business prospects.

Phil Cartmell, Chairman of Corac commented on today's announcement:

"We are delighted to complete these negotiations and progress further in this important programme, confirming ACI's market leading technical excellence and our ability to extend our reach into additional boat designs and with international partners.

"This strengthens the Group order book, providing good visibility for longer term revenues."

Ends

For further information please contact:

Corac Group plc

www.corac.co.uk

Phil Cartmell, Executive Chairman

01753 285 800

Mark Crawford, Chief Financial Officer

 

Cenkos

 

Ivonne Cantú - Nomad

020 7397 8980

Jeremy Warner-Allen - Sales

 

MHP Communications

020 3128 8100

Reg Hoare / Vicky Watkins / Naomi Lane

 

NOTES TO EDITORS

Corac is a UK based group of advanced technology and engineering companies. The Group produce innovative, diverse and valuable solutions in compression systems, atmosphere control and heat exchangers for government, energy and industrial users. It has traded shares on the London Alternative Investment Market (AIM) since July 2001.