SRJ Technologies Group Plc (ASX:SRJ) has secured an initial order for its weld-free mechanical coupling product with MODEC offshore New Zealand, and in addition, follow-up work with Saudi Basic Industries Corporation (SABIC) in the Kingdom of Saudi Arabia.
Following MODEC’s fleetwide approval of SRJ’s weld-free mechanical coupling for permanent repairs, SRJ has secured its first order for installation on a high integrity hydrocarbon line.
SRJ Technologies Group CEO, Alexander Wood, said that whilst the initial order isn’t material from a financial perspective it represents progress into permanent asset integrity solutions for SRJ’s clients.
Global FPSO operators are accepting the application of SRJ products and solutions for both permanent and temporary repairs on their assets, reinforcing our view that these can become profitable long-term relationships,” Mr Wood said.
Following SABIC’s initial order for asset integrity solutions, SRJ has also been contracted to undertake further asset integrity work including hot bolting using SRJ’s BoltEx flange clamp product alongside additional bespoke solutions.
The SABIC order will generate US$50,000 of revenues and cements SRJ’s relationship with both SABIC and our agent, ZAMIL Operations and Maintenance Co Ltd (ZOMCO) in the Kingdom of Saudi Arabia. Opportunities in the Kingdom could make significant contributions to profitable revenue growth.
“We are seeing growing demand for our innovative solutions for the many integrity issues faced by process industries. SRJ’s business model is attractive to customers who require a fast and efficient response to issues that otherwise put safety and production at risk,” Mr Wood said.