Curtiss-Wright Corporation (NYSE: CW) today announced that it has signed an agreement with Shell Exploration & Production Company, a subsidiary of Shell plc (NYSE: SHEL), to manufacture, test, and provide operational support for an Electro-Submersible Pump (ESP) for a Shell offshore platform in the Gulf of Mexico.
The objective of this joint initiative is to demonstrate Curtiss-Wright’s canned motor technology as an effective and reliable alternative to current subsea pump technologies that reduces unplanned outages and production interruptions. In addition to delivering the ESP solution, a test facility, funded as part of the agreement, will be designed and constructed by Curtiss-Wright to enable full-power testing to demonstrate the 125-foot-long, fully assembled pump’s capability and performance prior to its shipment and subsea deployment.
“We are excited to be working with one of the leading innovators in subsea oil and gas technologies to deploy Curtiss-Wright’s first-of-a-kind subsea canned motor pump,” said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. “By proving our canned motor technology in a subsea application, we have an opportunity to bring tremendous value to Shell and to expand Curtiss-Wright’s existing pump technology into an adjacent market.”
The work will be performed at Curtiss-Wright’s EMD facility in Cheswick, PA, part of its EMS division in the Naval & Power segment. The first canned motor ESP is to be tested and ready for delivery by the end of 2023.
For more information on Curtiss-Wright’s EMS division products, please visit http://www.cw-ems.com/.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Power, Process and Industrial markets. We leverage a workforce of approximately 8,100 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright, headquartered in Davidson, North Carolina, has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.
This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs and assumptions. Such statements, including statements relating to Curtiss-Wright Corporation's expectations of future performance of our canned motor pump products, the continued relationship with an existing customer, the successful implementation and the success of this subsea program and future opportunities associated with this program, are not considered historical facts and are considered forward-looking statements under the federal securities laws. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in US government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, marine, electronics and industrial companies. Please refer to the Company's current SEC filings under the Securities Exchange Act of 1934, as amended, for further information.
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