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.

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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.