Nature Group – cracking contract award bodes well
The provider of port reception facilities and waste water treatment solutions for the oil, marine and process industries has been awarded a major contract (no figures mentioned although there is talk of it being worth more than $2m!) for the offshore treatment of waste oil slops generated on board a FPSO (Floating Production, Storage and Offloading vessel), employed by one of the oil majors (no names either!) off the coast of Brazil.
The contract is for the treatment of oil waste currently collected on the FPSO and ensures the oil major a substantial cost saving compared to onshore treatment. Nature’s solution also ensures that all recovered oil can be re-used by the oil major. The Group expects to treat up to 50.000M3 of contaminated oil/water with its CTU during a period of at least 4 months on board the FPSO. The share price has received a big boost following the announcement leaving the shares trading at 9x December 2011 adjusted estimates and 7.1x for 2012, yielding just over 2.7%. Full year 2011…