The board of Hayward Tyler (AIM:HAYT), the specialist engineering group, is delighted to announce the Group has:
1. entered into a production alliance agreement with FMC Technologies, the global market leader in subsea systems;
2. signed the latest topside letter of intent agreement (“LOI”), building on Hayward Tyler’s long-standing relationship with Eureka.
The announcements coincide with Group’s attendance at the Offshore Technology Conference this week in Houston, Texas.
Subsea Production Alliance Agreement – FMC Technologies
The Directors of Hayward Tyler are delighted to announce the signing of a production alliance agreement with FMC Technologies, the global market leader in subsea systems. Under the terms of the agreement, Hayward Tyler will manufacture permanent magnet motors for use in FMC Technologies’ 3.2MW subsea pump systems. The agreement is accompanied by an initial US$2 million commitment by FMC Technologies towards the on-going development of Hayward Tyler’s Luton plant.
Ewan Lloyd-Baker, CEO of Hayward Tyler, commented:
“The offshore oil & gas market is of long-term strategic importance to Hayward Tyler and underpins our investment into our Centre of Excellence in Luton. The production alliance agreement with FMC Technologies is of cornerstone importance in relation to our subsea activity.”
The on-going expansion of Hayward Tyler’s Luton manufacturing facility includes a dedicated test facility for its subsea motors.
Jim Pribble, President and General Manager of FMC Technologies’ Direct Drive Systems business added:
“Combined, we can now offer the subsea oil and gas segment the absolute latest technology – and then deliver it with best-in-class manufacturing capability. This critical step ensures our customers receive the most reliable subsea boosting solutions available while enhancing the economics for subsea reservoir development.”
Topside – latest orders
The Company is also pleased to report the signing of a LOI for the latest order for four submersible motors, valued at approximately US$1.25 million, for use in the Baram field in the Malaysian gulf as a result of Hayward Tyler’s on-going agreement with Eureka and existing relationship with the end user, Petronas. The Company has now installed over 250 submersible motors in offshore locations globally.
Ewan Lloyd-Baker said:
“Being aligned with market leaders in offshore oil & gas exploration is of fundamental importance in terms of expanding our presence in the sector. We look forward to developing further relationships in the offshore market where our products are able to help provide performance-critical solutions.”
About Hayward Tyler Group plc
Hayward Tyler Group plc (LSE: HAYT) is a market leader in the design, manufacture and servicing of performance-critical motors and pumps for the harshest of environments. Core markets for the group include: oil & gas exploration – both topside and subsea; power generation – both conventional and nuclear; and the chemical/industrial sector. With facilities in the UK, US, China and India, the Group has a proven reputation for providing innovative, reliable technological solutions built on a proud heritage stretching back over 200 years. www.haywardtyler.com
About FMC Technologies
FMC Technologies, Inc. (NYSE: FTI) is the global market leader in subsea systems and a leading provider of technologies and services to the oil and gas industry. We help our customers overcome their most difficult challenges, such as improving shale and subsea infrastructures and operations to reduce cost, maintain uptime, and maximize oil and gas recovery. Named by Forbes® Magazine as one of the World’s Most Innovative Companies in 2013, the company has more than 20,000 employees and operates 24 production facilities in 14 countries. Visit www.fmc-technologies.com or follow us on Twitter @FMC_Tech for more information.
Hayward Tyler Group plc
Ewan Lloyd-Baker, Chief Executive Officer
Nicholas Flanagan, Chief Financial Officer
Tel: +44 (0)1582 731144
Akur Limited – Corporate Finance adviser
Tel: +44 (0)20 7493 6548
finnCap Limited – NOMAD & Broker
Matt Goode – Corporate Finance
Grant Bergman – Corporate Finance
Tony Quirke – Corporate Broking
Tel: +44 (0)20 7220 0500
GTH Communications Limited
Tel: +44 (0) 20 7822 7493 / +44 (0)7713 341072
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