ASX: TTT
- Titomic’s first foray into the oil and gas sector presents a significant market opportunity and validation, particularly working with industry leaders Woodside and Monadelphous;
- Woodside Energy to use Titomic’s D523 Systems at offshore gas platform near Karratha, Western Australia.
- Marks the first on-site application of cold spray technology in the Australian oil and gas industry of its kind;
- Remote nature of much of the oil and gas industry makes on-site limited disassembly repairs enabled by Titomic’s technology highly compelling
Titomic Limited (ASX: TTT) (“Titomic” or “Company”), the world’s leading provider of cold spray solutions, is pleased to announce that Woodside Energy (ASX:WDS, Woodside), via Monadelphous Group (ASX:MND, Monadelphous), an ASX-listed service provider to the oil and gas industry, will use a D523 System – a low-pressure cold spray system (the System) – on one of its oil and gas projects.
Woodside has engaged Monadelphous to deploy the System to combat corrosion at Woodside’s offshore gas platform in the Indian Ocean, near Karratha, Western Australia. This is the first on-site application of cold spray technology in the Australian oil and gas industry of its kind known to Titomic.
Additionally, it marks Titomic’s first foray into the oil and gas sector, which the Company considers to be a significant future market for its technology particularly considering the remote nature of much of the oil and gas industry making on-site repairs and limited disassembly especially compelling from a cost and time efficiency perspective.
Research conducted by the Woodside FutureLab at Monash University has identified innovative applications of Titomic’s cold spray process for effective corrosion remediation and prevention. Progression to real-world implementation marks a successful step in the research and testing of cold spray technology for corrosion resistance and repair in the oil and gas sector.
Managing Director of Titomic, Herbert Koeck, commented:
“We are thrilled to see our technology being recognised and implemented by industry leaders like Woodside Energy and Monadelphous. This partnership not only validates the effectiveness of our cold spray solutions but also opens the door to further opportunities in the oil and gas sector.”
“Having two companies of this repute as the first oil and gas sector users of our product places us in a commanding position to capitalise on the opportunities this industry could bring to Titomic. We look forward to a productive collaboration that will showcase the long-term benefits of our innovative technology to the world.”
The System will be used to deposit corrosion-resistant materials like aluminium directly onto steel and other metals without heat and without structure disassembly, making Titomic’s cold spray technology particularly valuable to both Woodside and Monadelphous.
This order will be structured as a lease agreement. This Lease will generate at least AUD 50,000 in revenue for Titomic within the next 12 months. Although this is not significant in isolation, the successful implementation of cold spray in a remote oil and gas environment will generate significant positive exposure for Titomic and tangible evidence of the technology’s efficacy in a globally significant sector.
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