CET receives BP follow-on order

by: Admin 13/11/2013

Corac Group plc is pleased to announce that its subsidiary Corac Energy Technologies (CET) has received a further order from BP Trinidad & Tobago LLC (BPTT) to complete the design and engineering phase of the project to develop a compact gas compressor for deployment on an offshore production platform.

This order, worth approximately $1.4m, was placed under the Master Services Agreement announced 8 July 2013, and brings the total value secured on this project to date to $2m. On concluding this phase in early 2014, CET expects to progress to system build and testing which will be covered by further orders.

Corac Group Chief Executive Phil Cartmell commented:

"We are very pleased to have received this order to conclude the design activity, continuing this exciting partnership with BP. The prospects for platform compression are very attractive, and progress so far in this area is most encouraging."