Nature Group wins contract for work on Norway oil fields

Maritime and offshore waste specialist Nature Group announced Monday its Norwegian arm has won a contract with IKM Gruppen AS for operations in Norway.

Subsidiary, Nature Oil and Gas, will supply its compact treatment unit (CTU) and associated waste treatment chemicals to support IKM's works at major oil fields in the country.

The company's CTU will clean the wastewater to meet the Norwegian discharge criteria in protecting the seas and marine life according to high standards.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

The deal comes as operators shift from the traditional onshore treatment of drilling waste fluids towards offshore treatment in order to shield the environment and reduce cost.

"I am very satisfied with this contract to support IKM's push into this market segment," said Nature Oil and Gas Chief Executive Officer, Stig Feyling.

"The paradigm for waste treatment in the oil and gas industry is changing rapidly and a player like IKM choosing Nature proves that we are offering the dominant technology in the market."

Shares rose 6.93% to 27.00p at 10:33 Monday.