Engineering giant Weir has today announced the launch of new products by its Oil and Gas division which are expected to expand its addressable market by over 500m dollars.
The products will launch at the Offshore Technology Conference in Houston, Texas, "the world's foremost event for drilling, exploration and production technology" as the group attempts to fulfil its strategy of being an "innovative supplier to the upstream oil and gas markets".
The new products include the 'Duralast' patent-pending fluid end technology, which is expected to, when used by an SPM frac pump, double the life of existing SPM fluid ends.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
"Using existing materials, 'Duralast' can deliver operational cost savings while the technology can also be applied to fluid ends made with stainless steel and other alloys," the statement said.
Other products launched today include the: 'Destiny' QWS 2800 frac pump, engineered for harsh shale applications; 'Gladiator' water and slurry pumps, designed to increase equipment life and deliver lower operating costs; and 'Stampede' swellable packers, which use a proprietary elastomer compound which provides predictable swell when in contact with well fluids and with changes in temperature.
Shares were 0.69% higher at 1,752p in early trading on Monday.
Lloyds, Halifax and Bank of Scotland to shut another 45 branches
Lloyds Banking Group, which includes Halifax and Bank of Scotland, is set to close a further 45 branches in 2024 - find out if a branch near you is closing.
By Vaishali Varu Published
US stock trading app Robinhood launches in the UK
The low-cost trading platform has opened another waiting list for British investors - following two failed attempts to launch in this country - and is hoping to be fully operational next year.
By Ruth Emery Published