I-Tech AB receives a frame order worth 53 MSEK from Chugoku Marine Paints

I-Tech AB (publ) (ticker: ITECH) has received a new frame order amounting to 53 MSEK from Chugoku Marine Paints (CMP) to be delivered during 2021 and 2022.

The order is placed by Chugoku Marine Paints as a measure to secure supply in the expansion of existing and newly introduced fuel saving antifouling products around the world. This frame order constitutes a minimum undertaking and specific orders, and timing of such, is to be clarified further on with deliveries commencing in Q3 2021.

Commenting on the new order, Philip Chaabane, CEO of I-Tech AB, said:

“I am very pleased that existing and new Selektope®-containing products translates into this new frame order. The order re-confirms our belief that CMP has ambitious targets to stay ahead and respond to end-users´ growing interest in optimizing every aspect of the vessel operations. Most important, it´s about saving fuel and reducing emissions to air.

Chugoku Marine Paints launched its first Selektope®-containing product in 2015 as a pioneering outfitting paint to sustain extreme static exposure to marine biofouling. Since then, more than 10 Selektope®-containing products are available to address the various needs at repair and newbuilding projects as well as for leisure boat applications.
Source: I-Tech AB