Sypris Technologies, Inc., a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), announced today that it has recently received significant orders for its Tube Turns® branded Ultra-High Pressure and Double Bolt closure product lines. Production will begin immediately and is expected to be completed prior to year end. Terms of the purchases were not disclosed.
The Tube Turns® Ultra-High Pressure closures have been chosen for the Libra Oil Field Project, located offshore Brazil. According to Offshore Technology and Reuters, the project is one of the world’s largest ultra-deepwater (6,600 feet deep) oil discoveries, containing between 7.9 and 15 billion barrels of oil, and is expected to add up to 1.4 million barrels of oil per day by 2021 with an estimated development cost of $80 billion USD. The Tube Turns® Ultra-High Pressure closures are a perfect fit for the project as they are designed for high-pressure applications up to 15,000 psi.