Hexagon Composites' wholly owned subsidiary Hexagon Lincoln announces an order for TITAN® 4 trailers from Certarus Ltd. with a total value of USD 10.2 million (around NOK 84 million). The Mobile Pipeline® modules will serve the recovering oil and gas industry in North America.
With this order Certarus, a leading provider of fully integrated compressed natural gas (CNG) solutions, is expanding its already large TITAN® fleet, which serves the energy services, mining, forestry and industrial sectors.
New oil and gas rigs in the North American market opt for increased use of CNG due to higher flexibility than LNG and lowest distributed cost compared to diesel. Lower CNG prices relative to diesel, paired with higher transport efficiency improve competitiveness of Mobile Pipeline® operators.
"Hexagon Lincoln has been our exclusive partner from day one for supplying our storage modules and this order confirms our continued trust in the Hexagon Composites Group as a critical supplier to our business," says Ivan Heidecker, President & CEO of Certarus Ltd. "TITAN® 4 proves to be ideal for our solutions targeting diesel and fuel oil displacement to lower operating costs and reduce environmental impact in the North American market."
"Certarus has been a pioneer in the supply of clean fuel into the oil and gas fields of North America. This order validates the economic benefits of CNG delivery to the production fields of North America," says Frank Haeberli, Vice President Mobile Pipeline® Division, Hexagon Lincoln. "The oil and gas service has been a targeted market for our TITAN® solutions to deliver clean and affordable fuel in places where physical pipeline costs are too high or environmentally challenging.
Deliveries are scheduled to commence by the end of fourth quarter 2016 and through 2017.
Certarus Ltd is a leader in providing a fully integrated compressed natural gas (CNG) solution for the North American commercial and industrial markets. The primary business is the creation of a "Virtual Natural Gas Pipeline" through the compression, transportation and integration of CNG for the energy services, mining, forestry and industrial sectors.
About Hexagon Composites
Hexagon Composites ASA is a publicly listed company with its headquarters in Aalesund, Norway. The Group develops and produces composite pressure cylinders and systems for storage and transportation of various gases. www.hexagon.no
For more information:
David Bandele, CFO, Hexagon Composites ASA
Telephone: +47 920 91 483 | firstname.lastname@example.org
Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 | email@example.com
Frank Haeberli, Vice President Mobile Pipeline® Division, Hexagon Lincoln Inc
Telephone: +1 402 326 5586 | firstname.lastname@example.org
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