Weir Oil & Gas Launches New Products for Upstream Oil and Gas Markets
GLASCOW, Scotland - The Oil & Gas division of the Weir Group PLC (Weir) today launches five new products, in line with its strategy of being an innovative supplier to the upstream oil and gas markets. The new products broaden its portfolio, expanding its addressable market by over US$500m. They include the Duralast(TM) patent-pending fluid end technology. The products will launch at the Offshore Technology Conference in Houston, Texas, the world's foremost event for drilling, exploration and production technology.
Fluid ends are a key aftermarket pressure pumping component used in shale oil and gas drilling operations. When an SPM® frac pump uses Duralast(TM) we project that it can have up to double the life of existing SPM® fluid ends.
Using existing materials, Duralast(TM) can deliver operational cost savings while the technology can also be applied to fluid ends made with stainless steel and other alloys.
Duralast(TM) fluid end technology will be initially launched for our Destiny(TM) frac pump range in the third quarter of 2012, before being applied across the full SPM® fluid end range.
The other new products launched today are:
o Destiny(TM) QWS 2800 frac pump - this pump has been engineered for harsh shale applications. The pump's increased horsepower and Duralast(TM) fluid end technology is designed to deliver robust performance and lo operating costs.
o Gladiator(TM) water and slurry pumps - the slurry pump has been designed to deliver lower operating costs through long-lasting performance, and is manufactured using a proprietary Weir alloy that has already been proven to significantly increase the equipment life in aggressive mining applications.
o Stampede(TM) swellable packers - use a Weir proprietary elastomer compound that provides predictable swell when in contact with well fluids and with changes in temperature.
The Weir Group PLC will issue its Q1 interim management statement on 9 May 2012.
Contact details:
The Weir Group PLC
Beverly Jernigan, BPR
Tel: (713) 494-1733
About Weir Oil & Gas
Weir's Oil & Gas division is the leading supplier of high pressure pumping equipment to the upstream oil and gas market. The division also produces wellhead solutions and a range of flow control products targeted at the high pressure applications found in the pressure pumping market. Weir's Oil and Gas service operations support clients across North America, the Middle East and Europe. The division's downstream operations manufacture process pumps for use in the hydrocarbon processing industries. In 2011 the division reported revenues of $1.2 billion and employed over 3,000 staff.
About The Weir Group PLC
Weir, a FTSE 100 company founded in 1871 and headquartered in Glasgow, Scotland, is a global provider of engineering solutions to the minerals, oil and gas and power sectors. Our commitment to engineering excellence, research and customer focus extends equipment wear life and operational capability in some of the world's most challenging environments.
Weir is committed to going where our customers go, with a worldwide network of more than 140 manufacturing facilities and service centres. The business has a presence in more than 70 countries, with over 14,000 staff around the world working in three divisions; Minerals, Oil & Gas and Power & Industrial. Weir's customer base includes the world's largest mining houses, major oil services businesses and nuclear and conventional power generation companies.
Annual revenues were more than $3.6 billion in 2011, of which more than half came from the provision of services and aftermarket support. Emerging markets contributed around one third of overall Group revenues.
See www.weir.co.uk for further information.
SOURCE Weir Oil & Gas
Web Site: www.weir.co.uk
