SOURCE: Hexagon Composites ASA
ALESUND, NORWAY--(Marketwire - Jun 29, 2012) - Through its wholly-owned subsidiary Lincoln Composites, Hexagon Composites has been awarded a new contract to supply 55 lightweight TITAN™ transport modules to SC Group in Thailand. This represents the largest single TITAN™ contract to date for Hexagon Composites worldwide and demonstrates the company's leading position in and commitment to Asia.
SC Group is one of the leading providers of integrated logistics services in Thailand. The Thai state-owned oil and gas company PTT Public Company Limited has recently contracted SC Group to transport CNG (Compressed Natural Gas) using the lightweight TITAN™ transport modules.
The contract will generate strong activity in Lincoln Composites for Q3 2012.
On a global scale, Thailand represents the largest market for road transportation of natural gas from pipeline-connected mother stations to NGV fuelling daughter stations. Over 1,500 steel trailers presently operate in the country. With its significantly lighter weight and substantially larger transport capacity, the TITAN™ has proven to reduce fuel consumption by more than 60% compared with conventional steel trailer technology.
"The performance of TITAN™ ideally meets PTT`s stringent demands to reduce the environmental footprint and cost of their gas distribution logistics. With TITAN™ trailer fleets already operating for Petronas in Malaysia and Petrovietnam, we consider this first order from Thailand as a major breakthrough in Asia, proving the competitiveness of the TITAN™ even against low-cost alternatives. We won this contract against strong Asian competition," says Frank Häberli, Vice President Sales of high pressure cylinders in Hexagon Composites.
"SC Group is proud to be the first TPL (Transport & Project Logistics) carrier in Thailand to use TITAN™ modules. The TITAN™ modules are lightweight, safe and cost effective. This helps to reduce fuel consumption and reduce the impact on the environment," says Nuttaphob Ratanasuwanthawee, Chairman and President of SC Group.
TITAN™ gas transportation modules contain the world largest type 4 cylinders, with each unit designed for 8,500 litre water capacity and 250 bar service pressure, made by Lincoln Composites in the United States. The modular design approach allows movement of up to 13,500 scm of natural gas on a 40 ft. trailer with a gross weight of less than 30 metric tons. The TITAN™ operates today in Asia and South America.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.