Meggitt Plc secures contract with MODEC, Inc

Meggitt Plc (LON: MGGT) has secured a contract with MODEC, Inc.

  • The contract to supply PCHEs (Printed Circuit Heat Exchangers) will be provided by the company’s Heatric business to the MODEC’s Bacalhau FPSO (Floating Production Storage and Offloading) ship.
  • The company has informed that its innovative PCHE technology in gas compression and gas injection processes enables superior performance at a fraction of the size and weight as compared to others.
  • The Bacalhau vessel is going to be the largest Floating Production Storage and Offloading ever supplied to Brazil with a topside meant to produce up to 220k barrels of crude oil per day.
  • On 24 August 2020, at the time of writing, GMT 09:03 AM, MGGT shares were trading at GBX 288.10, up by 7.90 points or 2.82% against the previous day closing price.