Natco Group Incs contract in libya worth $24.9M
Natco Group Inc, An oil services company, said Wednesday is has received a $24.9 million contract to provide membrane technology for an oil field off the Libyan coast. As part of the deal awarded in May, the company will supply a Cynara membrane system to capture carbon dioxide for re-injection into Bouri, Libya’s largest offshore oil field.
Shares fell 27 cents to $46.64 in after-hours trading after closing Wednesday at $37.25.
NATCO Group Inc. (NATCO) designs, manufactures and markets process equipment, systems and services used in onshore and offshore production of oil and gas. The Company operates in three business segments: Oil and Water Technologies, Gas Technologies, and Automation and Controls. The Oil and Water Technologies segment consists of a branch distribution network located primarily in North America, including the standard and traditional oil and gas separation and dehydration equipment sales and related services and the worldwide engineered systems group. The Gas Technologies segment includes the carbon dioxide (CO2) membrane business, the assets and operating arrangements related to certain CO2 gas processing facilities in West Texas and hydrogen sulfide removal technologies, including Shell Paques. The Automation and Controls segment consists of sales and fabrication of control panels and systems, which monitor and control oil and gas production, as well as field service activities. Effective January 1, 2008, NATCO operates in three segments: Integrated Engineered Solutions, Standard and Traditional Equipment Sales and Service, and Automation and Controls. On January 31, 2008, the Company acquired the shares of Linco-Electromatic, Inc. In December 2007, it acquired ConSepT AS.
