Strong oil outlook boosts Pressure Technologies

UK industrial machinery business Pressure Technologies have reported its largest trading division yet, attributing the increase in sales to the strengthening of the deep water oil rig market.

The Sheffield-based company released a statement before its AGM saying the deep water oil rig market has "considerably strengthened" the order book. Chesterfield Special Cylinders, which provides the equipment for the oil rigs, has secured orders for cylinders on nine drillships for the current financial year, two of which have been delivered.

Deep water oil and gas, as well as the general oil services sector has remained strong according to the manufacturing business. Growth in Pressure Technologies' engineered products division is being driven by Hydraton with order books strengthened in both the UK and USA.

The company also own Chesterfield BioGas, which is a world leader in biogas upgrading from raw biogas to vehicle quality fuel. It provides turnkey solutions for the cleaning, storage and dispensing of biomethane, produced from waste water treatment and anaerobic digestion of organic waste.

Published by Claire Manning