Expansion of Strategic Partnership
Hunting is delighted to announce the expansion of their strategic partnership with CRA Tubulars B.V.
LONDON, England. Hunting PLC (LSE:HTG), the global precision engineering group, is delighted to announce the expansion of their strategic partnership with CRA Tubulars B.V. ("CRA"), a Dutch innovator in advanced composite tubing. This enhanced collaboration underscores both companies' commitment to advancing the development and commercialisation of Titanium Composite Tubing ("TCT") technology, as part of Hunting’s strategic growth ambition to develop energy transition markets, including carbon capture and storage opportunities.
TCT technology offers significant well design and enhanced performance benefits to operators compared to conventional corrosion resistant alloy tubing, especially for carbon dioxide storage wells and highly corrosive oil and gas well completions.
In August 2024, Hunting made a strategic financial investment in CRA to support the development and commercialisation of TCT. In addition to North America, the partnership's exclusive territory will expand to cover the entire European region, including all EU member states, the United Kingdom, Iceland, Norway, and Switzerland. This move solidifies Hunting’s and CRA's joint efforts to introduce TCT to new markets and customers across Europe.
In addition to financial support, Hunting will provide CRA with vital technical assistance, including the option of applying Hunting's industry proven premium connection technology to TCT pipe, engineering and test lab support and proven expertise to implement a robust quality management system. Hunting will also support CRA’s marketing efforts in Europe and North America, helping to accelerate the adoption of TCT technology.
This expansion of the original agreement announced in July 2023, reinforces both parties' commitment to complete the successful development and commercialisation of TCT.