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Highlights
- Setcar’s new contract with Midia International for offshore drilling campaign in the Black Sea.
- Setcar renews long-term relationship with Ford Otosan, providing comprehensive waste management services.
- Growth in environmental contracts highlights Setcar's expanding role in energy and automotive sectors.
Directa Plus (AIM: DCTA), a leading producer and supplier of graphene-based products for both consumer and industrial markets, has announced significant contract wins through its environmental subsidiary, Setcar. The company has secured a new €1.5 million contract with Midia International SA for offshore drilling operations and a $1.1 million contract renewal with Ford Otosan, solidifying Setcar’s ongoing success in providing sustainable environmental solutions.
New Contract with Midia International SA
Setcar has entered into an agreement with Midia International SA, a global energy company, to provide essential tank cleaning and waste disposal services as part of an offshore drilling campaign in the Black Sea. This initial agreement, valued at up to €1.5 million, will see Setcar take on the role of the main subcontractor for the Trident EX30 drilling block.
The offshore drilling campaign, scheduled for completion by the second half of 2025, will require Setcar’s expertise both onshore and at the offshore mobile drilling unit. This ensures that the company provides continuous and comprehensive environmental support throughout the entire project. The use of Setcar’s proprietary Grafysorber technology is a key part of this contract. The technology will be employed to treat contaminated water, effectively removing oil contaminants and ensuring that the project remains in full compliance with environmental standards. This innovative solution contributes to sustainable practices in offshore energy operations, further enhancing Setcar’s reputation in the sector.
Contract Renewal with Ford Otosan
In addition to the new contract with Midia International, Setcar has also renewed its longstanding contract with Ford Otosan, a major player in the automotive industry and a subsidiary of Ford Motor Company in Romania. This marks the sixth renewal of their partnership and is valued at approximately €1.1 million.
Under the terms of the renewed agreement, Setcar will continue providing its comprehensive Total Waste Management services to Ford Otosan, which includes waste disposal, transportation, treatment, recycling, and provision of necessary equipment and personnel. Setcar’s efficient and sustainable waste management practices have made it a trusted partner for Ford Otosan, helping to ensure that their operations adhere to stringent environmental regulations and sustainability goals.
Strong Growth Prospects
Giulio Cesareo, Founder and CEO of Directa Plus, commented on the company’s growing success in the environmental services sector, noting: "We are seeing traction build in environmental contracts, with both new and long-standing clients. These contract wins are testament to the value delivered by Setcar's innovative solutions and the Group's growing pipeline of opportunities."
Directa Plus’ increased stake in Setcar in June 2024 has also positioned the company to strengthen its environmental services division and deliver greater returns to shareholders. Cesareo highlighted the growing potential in the environmental sector, underscoring the significance of these new and renewed contracts as key indicators of the company’s continued expansion and future growth.
Conclusion
These recent contract wins, alongside Setcar’s proven expertise in providing sustainable environmental solutions, are reinforcing Directa Plus’ position as a leader in both the environmental and energy sectors. The successful application of innovative technologies like Grafysorber and the continued trust of major clients like Midia International and Ford Otosan bode well for Setcar's future, creating a solid foundation for growth and profitability within Directa Plus' broader portfolio.
