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
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
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.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
