Meggitt PLC (LON:MGGT) shares traded in positive territory as it won a contract to supply Printed Circuit Heat Exchangers (PCHEs) to the Bacalhau Floating Production Storage and Offloading (FPSO) vessel.
Meggit’s Heatric business unit will deliver the contract for the Bacalhau vessel will be the largest FPSO ever delivered to Brazil (it will be able to produce up to 220,000 barrels of crude oil per day).
The company highlighted that its innovative PCHE technology allows superior performance at a fraction of the size and weight of other heat exchanger solutions. According to Meggitt It improves efficiency, flexibility and lower operating costs.
In London, Meggitt shares rose by 7.8p or 2.78% changing hands at 288p each.