SRJ Technologies Group PLC (ASX:SRJ) has developed strategic relationships with two companies operating in the North Sea, adding $230,000 in new business to the order book and opening a market opportunity in the UK and Norway.
SRJ has negotiated with leading maintenance and repair suppliers Stork Technical Services Ltd in the UK and Jergo AS in Norway for the provision of asset integrity solutions for pipework systems.
Stork’s initial order is valued at $178,000 while Jergo’s is valued at $52,000.
SRJ Technologies develops and distributes weld-free coupling and leak containment solutions targeting oil, gas, LNG and mining industries.
The company holds a portfolio of proprietary asset integrity products protected by seven patent families with 28 granted patents in 25 countries.
Strengthening revenue potential
“We are pleased to have received initial orders and formed strategic relationships with both Stork in the United Kingdom and Jergo in Norway,” SRJ Technologies CEO Alexander Wood said.
“Over the coming period, we will continue to work with both companies regarding significant client requirements in each territory and advancing our collaboration to quickly respond to these opportunities.
“SRJ is experiencing increasing demand for its asset integrity products and engineered solutions across Europe, the Middle East and the Americas.
“Long-term distribution agreements across these geographies will further strengthen revenue potential in the coming months.”
SRJ has also received a repeat order for sale of pipework integrity products from British Sugar Plc that, while not significant in revenue terms, indicates a developing relationship.
“We’re delighted to once again partner with a leading technology provider to bring innovative solutions to our client’s projects; increasing safety, reducing costs, all while keeping production live,” Stork UK regional director Steve Hunt said.
“SRJ’s cutting-edge containment technology is a welcome addition to our suite of machining and bolting integrity management solutions.
“Combining first-class systems with our expert’s experience and practical know-how, we continue to safely extend the life expectancy of our client’s assets.”