10th Feb 2025 10:53
(Alliance News) - Directa Plus PLC on Monday said its environmental subsidiary Setcar has won a EUR1.5 million contract and renewed a further USD1.1 million agreement.
Directa Plus shares climbed 14% to 6.85 pence in London on Monday morning.
The London-based graphene product maker said Setcar has entered an initial agreement with Midia International SA to provide tank cleaning and waste disposal services as part of an offshore drilling programme in the Black Sea.
The drilling campaign is set to be completed in the second half of 2025.
Setcar also renewed its contract with Ford Motor Co-owned Ford Otosan in Romania for around EUR1.1 million.
The company will provide waste management services including disposal, transportation and treatment.
Chief Executive Officer Giulio Cesareo said: "We are seeing traction build in Environmental contracts, with both new and long-standing clients. These contract wins are testament to the value delivered by Setcar's innovative solutions and the group's growing pipeline of opportunities.
"In June 2024, Directa Plus increased its stake in Setcar in order to improve its performance and deliver greater returns to shareholders. We see compelling growth opportunities in this area, as indicated by these contract wins."
By Michael Hennessey, Alliance News reporter
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