Increased activity in the deep water oil exploration market is continuing to boost order books at Sheffield firm Chesterfield Special Cylinders, according to parent group Pressure Technologies.
The Meadowhall-based group, which held its annual general meeting yesterday, says activity in the market began increasing in the last quarter of 2011 and has continued into the current year, which has strengthened its largest division’s order book considerably.
CSC has secured orders for cylinders for nine drilling ships for its current financial year and is continuing to make progress with its cylinder inspection service for trailers and static installations.
“Business confidence at CSC remains high and activity should be ahead of market expectations for this division in the current financial year,” says Pressure Technologies.
Pressure Technologies says its Chesterfield BioGas subsidiary is at an advanced stage of tendering to supply two plants for turning raw biogas into fuel and of potential vehicle refuelling and trailer projects are likely to reduce any shortfall in activity.
The group’s Hydratron high pressure equipment specialist is driving growth in Pressure Technologies’ Engineered Products Division, with order books strengthening in the UK and USA.
Pressure Technologies says that, thanks to the size of its order books and immediate order pipeline it is confident of achieving market forecasts for the current financial year.