Pressure Technologies secures navy vessel contract

CHESTERFIELD, UK - Pressure Technologies plc (AIM: PRES), a specialist engineering group, has secured a contract worth £2.8 million to supply air pressure vessels for the Royal Canadian Navy's new River class destroyers, as part of a broader shipbuilding initiative under Canada's National Shipbuilding Strategy.

The contract, awarded by the Canadian shipbuilder Irving Shipbuilding Inc., will support the construction of the first three ships in a fifteen-ship program. The River class destroyers, based on the Type 26 Global Combat Ship platform, are set to replace the Halifax class frigates currently in service. These vessels are integral to the future naval combat capability of Canada.

Chesterfield Special Cylinders (CSC), a wholly owned subsidiary of Pressure Technologies, will begin manufacturing milestones in May 2025, with deliveries spread over the following five years. This contract supports CSC's projected global defense order book growth for fiscal year 2025.

The River class destroyers are part of the largest and most complex shipbuilding program in Canadian history. The air pressure vessels provided by CSC are crucial for safety-critical systems on board.

Chris Walters, Chief Executive of Pressure Technologies, expressed his satisfaction with the contract, emphasizing the significance of CSC's specialized engineering and manufacturing capabilities in supporting naval construction programs worldwide.

The announcement of this contract aligns with Pressure Technologies' strategic focus on defense sector engagements and marks a continuation of its involvement in significant maritime defense projects. This new contract is expected to contribute to the company's defense order book development, reflecting its role in the global defense industry.

The information for this article is based on a press release statement from Pressure Technologies plc.

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Source: Investing.com