Curtiss-Wright Signs Subsea Seal-Less Canned Motor Boosting System Agreement With Petrobras

DAVIDSON, N.C.--(BUSINESS WIRE)-- Curtiss-Wright Corporation (NYSE: CW) today announced that it has signed a Technology Cooperation Agreement with PETRÓLEO BRASILEIRO S.A. – PETROBRAS (NYSE: PBR) to design, manufacture, test, and provide operational support for a Subsea Canned Motor Boosting System, to be deployed mudline at a Petrobras production field in the Campos Basin, Brazil.

Curtiss-Wright is working jointly with Petrobras to develop a subsea boosting system for unprocessed hydrocarbon fluid consisting of a mixture of oil, gas and particulates that will operate at a 1,500-meter water depth. The system will leverage Curtiss-Wright’s canned motor technology, as well as Petrobras’ expertise in flow assurance and offshore hydrocarbon production and processing, to ensure the subsea boosting system will perform according to field requirements. Further, it is expected to serve as an effective and reliable alternative to current subsea pump technologies by reducing unplanned outages and production interruptions.

“We are excited to be working collaboratively with a leading technology developer and experienced end-user of downhole pumping and mudline boosting systems for demanding applications,” said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. “These efforts will allow us to apply our proven canned motor technology expertise to this adjacent market, thereby enabling an all-electric subsea production system, while providing an opportunity to bring tremendous value to Petrobras.”

Curtiss-Wright’s canned motor pump technology is expected to enable reliable subsea production with fewer topside support systems, and also provide flexibility to deploy these systems on lighter weight, lower cost vessels, which are more readily available than the larger handling vessels required in today’s operations. This “topside-less” technology will support Petrobras’ objective of all-electric subsea boosting systems to enable long tie-back production arrangements. Additionally, the design provides flexibility to deploy future Curtiss-Wright topside-less subsea boosting systems scalable to 6MW for multiphase applications, in alignment with Petrobras’ technology development roadmap.

Curtiss-Wright is performing the design, manufacturing, and water-based testing at its Cheswick, Pennsylvania facility within the Company’s Naval & Power Segment. Multiphase testing with hydrocarbons will take place at a facility in Brazil. The first Subsea Canned Motor Boosting System is expected to be ready for operation in 2027.

For more information on Curtiss-Wright’s Naval & Power Segment products, please visit www.curtisswright.com/organization/naval-power.

About Curtiss-Wright Corporation

Curtiss-Wright Corporation (NYSE: CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Power, Process and Industrial markets. We leverage a workforce of approximately 8,600 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright, headquartered in Davidson, North Carolina, has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.

This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs and assumptions. Such statements, including statements relating to Curtiss-Wright Corporation's expectations of future performance of our canned motor pump products, the continued relationship with an existing customer, the successful implementation and the success of this subsea program and future opportunities associated with this program, are not considered historical facts and are considered forward-looking statements under the federal securities laws. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in US government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, marine, electronics and industrial companies. Please refer to the Company's current SEC filings under the Securities Exchange Act of 1934, as amended, for further information.