Headline: Pressure Technologies Secures Naval Ship Contract

CHESTERFIELD, UK - Specialist engineering group Pressure Technologies plc (AIM: PRES) has secured a £2.8 million contract to supply air pressure tanks for the Royal Canadian Navy's new River class destroyers, as part of a broader shipbuilding initiative under Canada's National Shipbuilding Strategy. The contract, awarded by Canadian shipbuilder Irving Shipbuilding Inc., will support the construction of the first three ships in a program of fifteen. Based on the Type 26 Global Combat Ship platform, the River class destroyers will replace the currently serving Halifax class frigates, playing a crucial role in Canada's future naval warfare capabilities.

Pressure Technologies' wholly owned subsidiary Chesterfield Special Cylinders (CSC) will commence production phases in May 2025, with deliveries spread over the following five years. This contract supports the anticipated growth in CSC's global defense order book for the financial year 2025.

The River class destroyers are part of the largest and most complex shipbuilding program in Canadian history. The air pressure tanks provided by CSC are vital for safety-critical systems aboard the ships. Chris Walters, CEO of Pressure Technologies, expressed satisfaction with the contract, emphasizing the importance of CSC's specialized engineering and manufacturing capabilities in supporting naval construction programs worldwide.

The announcement of this contract aligns with Pressure Technologies' strategic approach focusing on defense sector engagements and continues its involvement in significant naval defense projects. This new contract is expected to contribute to the development of the company's defense order book, reflecting its role in the global defense industry.