TIDMHAYT
RNS Number : 4827F
Hayward Tyler Group PLC
18 May 2017
18 May 2017
Hayward Tyler Group PLC
New Order Wins and R&D Update
Hayward Tyler Group plc ("HTG", the "Company" or "Group"), the
specialist engineering Group, comprising the operating companies of
Hayward Tyler and Peter Brotherhood, is pleased to announce that
the Group has made further progress and won several new orders
totalling more than GBP2.1m from key customers.
Highlights
-- Over GBP1.5m contract to deliver a 9MW steam turbine to the
world's largest biomass power station, currently under construction
in the UK;
-- GBP600,000 contract with Dongfang Boiler Group for two boiler
circulating pump ("BCP") units for the new Tian Ming 1000MW Ultra
Super Critical power plant in Sichuan Province, China;
-- Strategic alliance with FSubsea moves into full-scale
prototype development of the Hydromag autonomous subsea boosting
development programme, following agreement with Aker BP, Lundin and
NOV;
-- Working with the University of Edinburgh on the development
of the C-Gen Neptune generator to harness wave energy, which
secured GBP2.5m in funding through Wave Energy Scotland.
Contract wins
The first contract win is for a Peter Brotherhood 9MW steam
turbine mechanical drive. The contract is valued at over GBP1.5m,
is for delivery in early FY2019 and will be for the world's largest
biomass power station due to start commercial operation in 2020.
Critically, this order win demonstrates the versatility of
end-market applications for Group products and a broader
addressable market.
Hayward Tyler has also secured another order with the Dongfang
Boiler Group to provide boiler circulating pumps at the new Tian
Ming power plant in Sichuan Province, China. The 2x 1000MW Ultra
Super Critical power plant is currently under construction and the
contract is the second BCP order from Dongfang Boiler Group this
year, following the Ennore contract win recently announced.
Research and development
FSubsea strategic alliance
In April, 2016 FSubsea and Hayward Tyler announced the formation
of their strategic alliance agreement with the adoption of Hayward
Tyler's subsea motor technology as part of the innovative FSubsea
Hydromag autonomous subsea boosting development programme.
FSubsea, a winner of this year's OTC Spotlight on New Technology
Award, announced earlier this month that Aker BP, Lundin and NOV
had signed an agreement to develop and test a full-scale prototype
of the world's most autonomous boosting system.
With this news, the prototype will now be tested offshore
following extensive factory acceptance testing and as a result of
this the Hayward Tyler motor and qualified penetrator technology
has been selected for adoption to support the subsea deployment of
the system. The FSubsea order for the Hayward Tyler penetrators
reflects the strong collaboration and confidence in their
respective technologies that both businesses believe hold the key
to unlocking single and multi-phase boosting solutions for a far
wider number of subsea wells than can currently be economically
accessed using existing technologies.
University of Edinburgh partnership
Hayward Tyler has also been working with The University of
Edinburgh, to develop a generator to harness wave energy and
convert this to power.
The C-Gen Neptune generator has been developed to a working
prototype and has now secured GBP2.5m funding through Wave Energy
Scotland to build the first units for production and testing
offshore, of which GBP0.75m relates to Hayward Tyler's involvement
over the next 24 months.
Hayward Tyler is ideally suited to manufacture and develop this
technology, having recently completed the build of their Centre of
Excellence, the world's most advanced facility for specialist motor
manufacture, with testing capabilities designed for their
submersible, fluid filled electric motors, including 4m and 7m test
pits and permanent magnet clean facilities.
Chief Executive Ewan Lloyd-Baker commented:
"We are delighted to be announcing these new contract wins which
confirm that momentum is continuing to build throughout HTG. We are
proud to be supplying our performance-critical products to these
projects, to both new and returning customers, and it remains
integral to our international growth strategy as we service a
broadening end-market.
"We are also very excited by the research and development
programmes that we are party to. Our work with both FSubsea and
with the University of Edinburgh demonstrate our ability to work in
partnership with some of the work's finest engineers to deliver
technological advances that are likely to have very tangible
benefits to their respective sectors."
Hayward Tyler Group plc +44 (0)1582 731 144
Ewan Lloyd-Baker, CEO
Nick Flanagan, CFO
FinnCap Limited, NOMAD and Broker +44 (0)20 7220 0500
Matt Goode / Emily Watts, Corporate Finance
Tim Redfern / Tony Quirke, Corporate Broking
Buchanan Communications, Financial PR +44(0)207 466 5000
Charles Ryland
Chris Judd
About Hayward Tyler Group plc
-- The Company consists of the Hayward Tyler and Peter
Brotherhood engineering businesses, together providing 350 years of
engineering experience, heritage and pedigree.
-- The Hayward Tyler business is a market leader in the design, manufacture and servicing of performance-critical motors and pumps for the harshest of environments.
-- The Peter Brotherhood business is a market leader in the design, manufacture and servicing of performance-critical steam turbines, compressors, gear boxes and combined heat and power systems.
-- The Company services the Power, Oil & Gas, Nuclear,
Process, Renewables and Marine markets, via its 500-strong
workforce, from 7 sites strategically located across the globe.
"Publication on Website
A copy of this announcement will be made available, subject to
certain restrictions relating to persons resident in restricted
jurisdictions, at
http://htg.global/investor-relations/takeover-code-requirements/ no
later than 12.00 noon (London time) on 19 May 2017 (being the
business day following the date of this announcement) in accordance
with Rule 26.1(a) of the Code. The content of the website referred
to in this announcement is not incorporated into and does not form
part of this announcement."
This information is provided by RNS
The company news service from the London Stock Exchange
END
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