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
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
Library image of River class destroyer.
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