ITT, Servi Hydranor to Ensure Cargo Safety for Statoil

Zacks

ITT Corporation (ITT) recently announced that its Control Technologies business division has joined hands with Norway-based hydraulic distributor Servi Hydranor AS to construct a shock and vibration isolation system for Statoil ASA (STO). The system will protect the cargo transferred from ships to Statoil’s Gudrun Platform in the North Sea.

The scope of this contract requires the two entities to design a dampening system for safe transportation of the cargo from the ship to the platform. The platform located in the Gudrun field in North Sea, witnesses the movement of the heavy weight cargo carrying food and crucial drilling equipments from the supply ship using cranes. The weight and speed of the transportations pose a challenge to ensuring the safety of both personnel and equipments.

The new system will consist of well tuned dampers to absorb the kinetic energy of the cargo. A part of the barrier for this system has been constructed by Aibel AS, the engineer of the Gudrun Platform. In 2013, ITT and Servi Hydranor completed the designing of this shock and isolation platform.

A precision engineered and customized dampener is critical for such platforms as the drilling activity can be severely hindered if there is any cargo mishandling. ITT and Servi Hydranor, both of which possess expertise in the domain, would significantly benefit in this project. The two companies will be designing the system considering the environmental and spatial limitations of the platform.

ITT specializes in providing customized designs for the energy absorption technology for use in diverse arenas like manufacturing, robotics, conveyors as well as applications for the overhead across the globe.

ITT currently carries a Zacks Rank #2 (Buy). Some other stocks that can be considered at the moment include Noble Group Ltd. (NOBGY) which sports a Zacks Rank #1 (Strong Buy) and Carlisle Companies Inc. (CSL) having the same Zacks Rank as ITT.

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