Award of Environmental services contract

RNS Number : 6599B

Directa Plus PLC

03 February 2020

 

3 February 2020

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON THE PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Directa Plus plc

("Directa Plus" or the "Company")

Environmental services contract win with GSP offshore

Directa Plus (AIM: DCTA), a leading producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets, announces that the Company's subsidiary Setcar S.A. ("Setcar") has signed a contract to supply environmental services to GSP Offshore, part of the Romanian oil services group GSP.

This is the second major contract win for Setcar since the completion of the acquisition by Directa Plus of 51 per cent of the company on 26 November 2019. The value of the contract to Setcar is estimated to be approximately €700,000 per annum over a period of seven years for a total value of €5 million.

Setcar provides market leading environmental services to the oil and gas industry by combining Setcar's historic experience in environmental services and remediation with Directa Plus' proprietary next generation, graphene based Grafysorber® adsorbant.

Setcar will provide a wide range of environmental services, both offshore and onshore, including the treatment of oil contaminated water and soil, residual drilling fluids treatment and the cleaning of oil storage tanks.

Grafysorber® technology will play an important role in increasing the efficiency of oil removal while decreasing the overall treatment costs of contaminated water on the offshore rigs, support vessels and in harbour.

The new contract forms part of a larger framework agreement between GSP Offshore and another commercial partner of Directa Plus, the Romanian oil and gas group OMV Petrom ("OMVP"). Under this eight year contract awarded in July 2019, GSP will provide integrated offshore services, installations, and equipment for all the offshore facilities of OMVP.

Commenting, Giulio Cesareo, Founder and CEO of Directa Plus, said: "This contract is an exciting win, demonstrating that Directa Plus is delivering on its strategy in our key environmental vertical.  We are confident that we can continue to deliver on Setcar's promise in 2020.

"Our strategy is to partner with outstanding innovative businesses to use graphene technology to improve the performance of products and services with proven applications and markets. This allows Directa Plus to capture as much of the value chain as possible. The Setcar investment and this contract win is a great example of how this works - validating an entirely new process designed around our Grafysorber graphene technology, which we can then take to market globally.

"We are confident this is the best possible mechanism to capture success - acting early, presenting new innovative solutions, getting feedback from important customers, and iterating as fast as possible."

This announcement has been approved by Giulio Cesareo, Chief Executive, on behalf of the Company.

For further information please visit http://www.directa-plus.com/ or contact:

Directa Plus plc	[phone]
Giulio Cesareo, CEO
Marco Ferrari, CFO
Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker)	[phone]
Rick Thompson, Philip Davies, Will Goode(Corporate Finance)
Caspar Shand Kydd (Sales)
N+1 Singer (Joint Broker)	[phone]
Mark Taylor, Lauren Kettle
Tavistock (Financial PR and IR)	[phone]
Simon Hudson, Edward Lee

About Setcar

Established in 1994, Setcar S.A. has focused since 2000 on providing a complete range of services to solve environmental issues in a safe and efficient way - from chemical analyses for waste identification to the development of tailored solutions for the waste treatment and by developing new technologies for the remediation of contaminated sites.  Setcar's offering includes the decontamination of industrial plants and sites, soils contaminated with petroleum products, PCBs or other contaminants and petroleum and other hazardous waste in lagoons.  The company offers its services both onshore and offshore.

About Directa Plus

Our focus is principally on the two sectors in which we have strong commercial advantage through developed and launched products and a technological lead: environmental (based on our Grafysorber® product) and textiles (based on our G+ products).  In addition, we will continue to pursue opportunities in elastomers and composites (including tyres and asphalt), also using our G+ products.  All our products are hypoallergenic, non-toxic and sustainably produced.

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