The information contained within this announcement is deemed
by the Group to constitute inside information as stipulated under
the UK version of the EU Market Abuse Regulation (2014/596) which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, ("MAR"), and is disclosed in accordance with the Group's
obligations under Article 17 of MAR. Upon the publication of
this announcement via a Regulatory Information Service, this inside
information will be considered to be in the public
domain.
24 October
2024
Pressure Technologies
plc
("Pressure Technologies" or "the Group")
Major Contract
Placement
Pressure Technologies plc (AIM:
PRES), the specialist engineering group, is pleased to
announce that Chesterfield Special Cylinders ("CSC"), its wholly
owned subsidiary, has been awarded a major contract
to supply air pressure vessels to the Royal
Canadian Navy's River class destroyer programme.
The £2.8 million contract award by
Canadian shipbuilder Irving Shipbuilding Inc. covers the first
three ships in the fifteen-ship programme and underpins the
expected global defence order book development for CSC in FY25.
Initial manufacturing milestones will commence in May 2025 and
pressure vessels for the first three ships will be delivered to the
programme over the next 5 years.
Irving Shipbuilding Inc. will build
the fifteen River class destroyers to replace existing Halifax
class frigates in the Canadian fleet. The
new construction programme is an important part of Canada's
National Shipbuilding Strategy and is the largest, most complex
shipbuilding programme in Canadian history.
The River class destroyer is based
on the established Type 26 Global Combat Ship platform, currently
under construction for the UK's Royal Navy and the Royal Australian
Navy. The ships will form the backbone of Canada's future
naval combat capability. Air pressure vessels supplied by CSC will
form an integral part of safety-critical onboard
systems.
Chris Walters, Chief Executive of Pressure Technologies,
commented:
"I
am delighted to confirm this £2.8 million contract award for
Chesterfield Special Cylinders to deliver pressure vessels for the
Royal Canadian Navy's River class destroyer programme, working
closely with Irving Shipbuilding and supporting the Canadian
National Shipbuilding Strategy.
This major contract award underpins our global defence order
book in FY25 and further demonstrates the role played by the
specialised engineering and manufacturing capabilities of
Chesterfield Special Cylinders in naval new construction programmes
globally."
Additional Information
The person responsible for arranging
release of this announcement on behalf of the Company is Chris
Walters, Chief Executive.
For
further information, please contact:
|
Pressure Technologies plc
Chris Walters, Chief
Executive
Steve Hammell, Chief Financial
Officer
|
Tel: 0333 015 0710
company.secretary@pressuretechnologies.co.uk
|
|
Singer Capital
Markets
(Nomad and Broker)
Rick Thompson / Asha
Chotai
|
Tel: 0207 496 3000
|
COMPANY DESCRIPTION
www.pressuretechnologies.com
Pressure Technologies plc is based
in Sheffield and operates through its wholly subsidiary
Chesterfield Special Cylinders ("CSC"). CSC is a market
leading designer, manufacturer and provider of safety-critical,
high-pressure containment products and services to a global
customer base in the defence, hydrogen energy, oil & gas and
industrial markets. For more information on CSC, please
visit www.chesterfieldcylinders.com
For further information on the Royal
Canadian Navy's River class destroyer programme and Irving
Shipbuilding:
●
www.canada.ca/en/navy/corporate/fleet-units/surface/river-class-destroyer.html
●
https://shipsforcanada.ca/
Library image of River class
destroyer.
