Curtiss-Wright Signs Subsea Seal-Less Canned Motor Boosting System Agreement With Petrobras
February 12 2024 - 8:00AM
Business Wire
Curtiss-Wright Corporation (NYSE: CW) today announced that it
has signed a Technology Cooperation Agreement with PETRÓLEO
BRASILEIRO S.A. – PETROBRAS (NYSE: PBR) to design, manufacture,
test, and provide operational support for a Subsea Canned Motor
Boosting System, to be deployed mudline at a Petrobras production
field in the Campos Basin, Brazil.
Curtiss-Wright is working jointly with Petrobras to develop a
subsea boosting system for unprocessed hydrocarbon fluid consisting
of a mixture of oil, gas and particulates that will operate at a
1,500-meter water depth. The system will leverage Curtiss-Wright’s
canned motor technology, as well as Petrobras’ expertise in flow
assurance and offshore hydrocarbon production and processing, to
ensure the subsea boosting system will perform according to field
requirements. Further, it is expected to serve as an effective and
reliable alternative to current subsea pump technologies by
reducing unplanned outages and production interruptions.
“We are excited to be working collaboratively with a leading
technology developer and experienced end-user of downhole pumping
and mudline boosting systems for demanding applications,” said Lynn
M. Bamford, Chair and CEO of Curtiss-Wright Corporation. “These
efforts will allow us to apply our proven canned motor technology
expertise to this adjacent market, thereby enabling an all-electric
subsea production system, while providing an opportunity to bring
tremendous value to Petrobras.”
Curtiss-Wright’s canned motor pump technology is expected to
enable reliable subsea production with fewer topside support
systems, and also provide flexibility to deploy these systems on
lighter weight, lower cost vessels, which are more readily
available than the larger handling vessels required in today’s
operations. This “topside-less” technology will support Petrobras’
objective of all-electric subsea boosting systems to enable long
tie-back production arrangements. Additionally, the design provides
flexibility to deploy future Curtiss-Wright topside-less subsea
boosting systems scalable to 6MW for multiphase applications, in
alignment with Petrobras’ technology development roadmap.
Curtiss-Wright is performing the design, manufacturing, and
water-based testing at its Cheswick, Pennsylvania facility within
the Company’s Naval & Power Segment. Multiphase testing with
hydrocarbons will take place at a facility in Brazil. The first
Subsea Canned Motor Boosting System is expected to be ready for
operation in 2027.
For more information on Curtiss-Wright’s Naval & Power
Segment products, please visit
www.curtisswright.com/organization/naval-power.
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 8,600
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240212037847/en/
Jim Ryan (704) 869-4621 jim.ryan@curtisswright.com
Curtiss Wright (NYSE:CW)
Historical Stock Chart
From Jul 2024 to Aug 2024
Curtiss Wright (NYSE:CW)
Historical Stock Chart
From Aug 2023 to Aug 2024