Hayward Tyler in joint initiative with Eureka after contract win

5th Sep 2013 13:58

Hayward Tyler has struck an agreement with Norway's Eureka Pumps that will see them jointly market underwater pump and motor units that are under 2MW for the offshore oil and gas exploration market. The pair will also work together to provide after-market services for under water units.The joint initiative comes after the two companies jointly won orders for 14 units for the Aasta Hansteen and Martin Linge projects in the North Sea, which are worth £3.5m to Hayward Tyler.Ewan Lloyd Baker, Chief Executive Officer of Hayward Tyler, said: "We see the agreement with Eureka as providing a key channel for further growing our presence in the topside market in the North Sea and internationally. He added: "The orders give us further confidence of achieving our forecasts for the current financial year." Under the terms of the agreement orders will be manufactured at Hayward's factory in the UK while the aftermarket servicing will be provided through the two companies international network of offices.The deal will not cover the larger 3MW plus underwater motors. Shares in Hayward Tyler rose 0.56% to 45p at 14:23 on Thursday. TB