5th May 2015 07:51
LONDON (Alliance News) - Engineering company Hayward Tyler Group PLC on Tuesday said it has signed two offshore oil and gas deals, covering a subsea system motors deal with FMC Technologies Inc and a new submersible motor order in Malaysia.
Hayward said it has signed a production deal with FMC Technologies, the subsea systems company, to manufacture magnet motors for use in FMC subsea pump systems. The agreement includes a USD2 million initial commitment by FMC towards the development of Hayward's Luton plant.
"The offshore oil & gas market is of long-term strategic importance to Hayward Tyler and underpins our investment into our Centre of Excellence in Luton. The production alliance agreement with FMC Technologies is of cornerstone importance in relation to our subsea activity," said Ewan Lloyd-Baker, Hayward's chief executive.
Elsewhere, Hayward has signed a USD1.25 million letter of intent for the latest order of four submersible motors to be used at the Baram oil and gas field in the Malaysian gulf, operated by Petronas, Malaysia's state-owned gas company.
"Being aligned with market leaders in offshore oil & gas exploration is of fundamental importance in terms of expanding our presence in the sector. We look forward to developing further relationships in the offshore market where our products are able to help provide performance-critical solutions," Lloyd-Baker added.
Shares in Hayward were up 4.5% to 77.30001 pence Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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