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.
28 January
2025
Pressure Technologies
plc
("Pressure Technologies" or "the Group")
Defence 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 strategically significant
contract to supply safety-critical pressure
vessels to the US defence prime contractor, General Dynamics
Electric Boat ("GDEB"), the
company responsible for the design, construction and lifecycle
support of submarines for the US Navy.
The contract award covers supplier
qualification and the delivery of pressure vessels to GDEB in the
first quarter of 2026, underpinning overseas defence order book
development for CSC in FY25 and FY26.
This is the first contract placed by
GDEB with CSC and provides a foundation for future growth and
development in the US naval defence market, where ongoing nuclear
submarine new construction programmes are planned to run through to
2043.
Chris Walters, Chief Executive of Pressure Technologies,
commented:
"I
am delighted to confirm the first contract award for Chesterfield
Special Cylinders to deliver safety-critical pressure vessels to US
prime defence contractor, General Dynamics Electric Boat, the
company responsible for the design, construction and lifecycle
support of submarines for the US Navy.
We
are excited by this opportunity to further demonstrate the global
capabilities of Chesterfield Special Cylinders in the defence
sector and as a basis to expand the supply of specialised pressure
vessels to US submarine new construction programmes over the longer
term."
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
|
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 owned subsidiary
Chesterfield Special Cylinders ("CSC").
CSC is a market leading designer,
manufacturer and supplier 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
General Dynamics Electric Boat,
established in 1899, has established standards of excellence in the
design, construction and lifecycle support of submarines for the
U.S. Navy.
For more information on General
Dynamics Electric Boat, please visit www.gdeb.com
