Hunt Graham contract win in Saudi Arabia [MSC]

RNS Number : 4080K
Corac Group Plc
30 July 2013

 

 

30th July 2013

CORAC GROUP PLC

("Corac" or the "Group")

 

Hunt Graham contract win in Saudi Arabia

 

Corac Group plc is pleased to announce that its subsidiary Hunt Graham Ltd has secured a significant contract to supply multiple heat exchangers to a major project in Saudi Arabia.

 

The contact is valued in excess of £1.6 million and is for five specialised heat exchanger units for delivery within one year.

 

Hunt Graham succeeded in a competitive bid for this milestone project against its international peer group to secure the order.  The order was placed by VME Process, a US based Engineering, Procurement and Construction (EPC) company and a leading supplier of process systems to the Oil and Gas industry, through their Asia Pacific office in Singapore.

 

The contract underpins the Board's expectations for Hunt Graham's order book in the current year.

 

Phil Cartmell, Chief Executive of Corac Group commented:

 

"We are delighted to be able to play a part in this project. This contract adds to Hunt Graham's order book to give good visibility of future business and shows the value of our strategy to work with world leading EPCs, designing and supplying high integrity products to selected end users.

 

"This work extends the Group's activities in Saudi Arabia, alongside Corac Energy Technologies' gas field compressor project and demonstrates the group Group's strategy of extending geographic presence and supporting key clients across the combined range of Corac Group business capabilities."

 

Ends

For further information please contact:

Corac Group plc

www.corac.co.uk

Phil Cartmell, Chief Executive Officer

01753 285 800

Jon Carter, Chief Financial Officer

 

Cenkos

 

Ivonne Cantú / Elizabeth Bowman - 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 group of innovative UK based engineering companies, active in energy and environmental technologies. Group companies produce valuable solutions in compression systems, atmosphere management and heat exchangers for government, energy and industrial users. It has traded shares on the London Alternative Investment Market (AIM) since July 2001.