Business
Re Agreement
Re Agreement.
About this update from Hardide Plc
[{"type":"text","content":"\n \nRNS Number : 3875D Hardide PLC 29 April 2013 \n \n\n \n\n\n\n\nPress Release \n\n\n29 April 2013\n\n\n\n\nHardide plc\n(\"Hardide\" or \"the Group\" or \"the Company\")\nRe Agreement \n \nHardide plc (AIM: HDD), the provider of advanced surface coating technology, is pleased to announce a supply agreement involving a next-generation superabrasive coating technology that is covered by new UK & overseas patent applications. \nThis new superabrasive coating will enable drilling tools to operate at peak performance in highly abrasive environments where current technologies fail. The Company has signed a mutually exclusive five-year supply agreement for its use in oil & gas applications with hardfacing specialists Cutting & Wear Resistant Developments Limited of Sheffield. This is an addition to the latter's range of hardfacing materials.\nThis advanced superabrasive material will reduce wear and improve the performance of downhole tools used in the oil and gas industry as well as tools for other industries such as mining, mineral extraction and construction. Improved tool performance reduces costly downtime which can be particularly expensive for offshore drilling, as well as for directional and horizontal drilling operations.\nThe exclusivity in the agreement is dependent on yearly minimum volumes being purchased by Cutting & Wear over the five-year period. The agreement includes the establishment of new manufacturing facilities at Hardide's plant in Bicester, Oxfordshire where production scale quantities have already been produced and sold. \nPhilip Kirkham, CEO of Hardide plc said: \"This is a major step forward in coating technology and hardfacing materials. This is also a potentially game-changing breakthrough for Hardide as we will be the only producer of this type of advanced superabrasive coating. We believe the market opportunities to be extensive as the need for hardfaced tools intensifies as the oil and gas industry explores in ever more remote and challenging areas with deeper and more demanding drilling conditions. We also see opportunities for this new coating extending into mining, construction and other extractive industries.\"\nThe coating production process is being developed with the support of a Technology Strategy Board 'Smart' grant which was awarded i...