COSTA MESA, CA -- (Marketwire) -- 08/24/12 -- Ceradyne, Inc. (NASDAQ: CRDN) announced that ESK Ceramics GmbH & Co. KG, a wholly owned subsidiary based in Kempten, Germany, has entered into a cooperative agreement with Interwell, headquartered in Stavanger, Norway, to market PetroCeram® sand screens and protective sleeves to producers of crude oil and natural gas.
The agreement grants privately held Interwell, a supplier of mechanical products for plugging and maintaining the operability and safety of boreholes in the oil and gas industry, exclusive marketing rights in Norway and Azerbaijan, as well as non-exclusive rights in Saudi Arabia, the UAE, Oman, Qatar, the UK, and North America.
According to Dr. Thomas Jüngling, President of ESK and Vice President of Ceradyne, the technology behind PetroCeram® has already been successfully employed by several borehole operators in Central Europe and the North Sea. "Since May 2010, when the first ceramic sand screen was installed in an oil well in the North Sea, where conditions are exceptionally harsh, the clear superiority of our unique solutions for both oil and gas production has encouraged us to step up our marketing of PetroCeram®," said Dr. Jüngling. "As an acknowledged specialist in providing repair and plugging services, particularly under conditions of high pressure and high temperature, Interwell is the ideal partner in this endeavor."
"With its proven efficacy, PetroCeram® offers our customers in the oil and gas exploration sector compelling economic alternatives to conventional metal screens and protective sleeves, particularly under highly abrasive conditions," added Eirik Bergsvik, CEO of Interwell.
About Ceradyne, Inc.
Ceradyne develops, manufactures, and markets advanced technical ceramic products and components for defense, industrial, energy, automotive/diesel, and commercial applications. In many high performance applications, products made of advanced technical ceramics meet specifications that similar products made of metals, plastics or traditional ceramics cannot achieve. Advanced technical ceramics can withstand extremely high temperatures, combine hardness with light weight, are highly resistant to corrosion and wear, and often have excellent electrical capabilities, special electronic properties and low friction characteristics. Additional information about the Company can be found at http://www.ceradyne.com.
Headquartered in Norway and founded in 1992, Interwell is an ISO-qualified supplier of mechanical downhole products designed to address the well-barrier and well-integrity needs of the oil and gas industry, particularly in areas of high temperature, high pressure, and high expansion such as Norway, the Middle East, the UK, and North America. Additional information is available at www.interwell.com.
Except for the historical information contained herein, this press release contains forward-looking statements regarding future events and the future performance of Ceradyne that involve risks and uncertainties that could cause actual results to differ materially from those projected. Words such as "anticipates," "believes," "plans," "expects," "intends," "future," and similar expressions are intended to identify forward-looking statements. These risks and uncertainties are described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and its Quarterly Reports on Form 10-Q as filed with the U.S. Securities and Exchange Commission.